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Debt consolidation, in simple words, is taking one loan in order to pay off many other dues. People consolidate debts due to a number of reasons – they either want the convenience of having to pay only one debt as opposed to many, they want to have a fixed interest rate or they want a lower interest rate. Whatever the reason, debt consolidation is the solution they seek. Most often, the form that debt consolidation takes is taking a secured loan against an asset which serves as collateral. Usually this collateral is a house, and a mortgage is taken against the house.