Is it illegal to pay off a loan with another loan?

When faced with multiple debts, the idea of using one loan to pay off another may seem like a viable solution. However, it's crucial to approach this strategy with caution.

Instead, focus on developing a budget and sticking to it. This will help you better manage your finances and avoid falling into further debt.

Before making any decisions, it's imperative to thoroughly review the terms and conditions of your loan contracts. The fine print can often reveal hidden fees, high-interest rates, or other unfavorable terms that can exacerbate your financial situation.

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