Additionally, you will also be responsible for paying earnings taxes on the amount of debt forgiven as it is counted as revenue by the IRS. Debt consolidation is the method firms use to take a quantity of excellent debt balances and roll them into one mortgage with a single rate of interest. High interest loans or short-term credit lines are often the debt varieties to be consolidated into long-term loans with a decrease fee. This helps corporations repay extra principle on loans and less…