Personal loans, April 28 -- Have you ever considered whether a borrower - with multiple outstanding loans - contemplate taking a fresh loan? Is this advisable for him/her to take a fresh loan and using its proceeds to retire all the existing loans? Typically, it is a common practice and it offers multiple advantages such as ease and convenience of managing one loan only.

However, you must ensure that you do not end up with a higher overall cost such as processing fees and insurance charges. Therefore, you should consolidate debts only if you are confident that you will not raise any fresh debt.

Lower interest: If your new personal loan offers a lower rate than your current loans (credit card debts, payday loans, etc.), you can save a lo...