Author: Steve Nicastro, NerdWallet

Consolidating debt with a personal loan doesn’t reduce your debt or damage your credit score. And it can be a relatively quick process.

Consolidating using a personal loan could lead to paying off high-interest debts, simplify your payments and reduce debt faster.

Loan companies have one thing in common: They want to get paid back on time, which means they approve only borrowers who meet their requirements.