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Payof

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Is it a good idea to cancel a loan when I have consolidated and no longe loan ?
The loan would take 20 years to pay off if I don't consolodate so I don't plan on using it again

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Consolidate means to combine things into a single, more coherent unit.  If you consolidate 5 credit cards, instead of making five separate payments, you are making a single payment that (depending on the size of said payment and the interest rate) may allow you to pay all the cards in full in a shorter period of time.  I suggest reading the articles here so you can better understand how consolidation works because that is a frequently utilized smart credit tactic.

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