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Consolidating debt usually involves taking out new credit to pay off existing credit.

An extended repayment program may be availed if student loan balance, a principal amount plus interest exceeded ,000.Paying off more than one debt at a time is not uncommon.But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.Debt consolidation involves taking out new credit to pay off your debts and debt management is where you negotiate affordable payments with the companies you currently owe money to.Both can lead to lowering payments but are completely different ways of dealing with debt.