 TITLE: Is a Personal Loan the Same as a Consolidation Loan? CONTENT: Benefits of a Debt Consolidation Loan\n-------------------------------------\nFor many borrowers, the convenience of replacing multiple bills with a single monthly payment is reason enough to consider a debt consolidation loan. In contrast to the changing balances and minimum payment amounts on credit card bills, a personal loan's fixed payment amount can also simplify budgeting.\nThe biggest benefit of a debt consolidation loan, however, is the amount of money you can save on interest charges. The national average interest rate for credit cards is about 16%, and the average rate on a 24-month personal loan is about 10%.\nAs with other types of credit, the interest rates you're charged on a personal loan vary according to your credit score. Borrowers with FICO® Scores☉ in the very good (740-799) and exceptional (800-850) ranges can expect to get the best deals on personal loans and credit cards alike. END