debt consolidation
Combining financial obligations
Debt consolidation is combining multiple debts into a single loan, typically to secure a lower interest rate or simplify payments.
Someone with several credit card balances might take out a consolidation loan to pay them all off, leaving one monthly payment instead of many: We're looking into debt consolidation to get our finances under control.
- refinancingReplacing a loan
- credit counselingAdvice for handling debts
- budgetingAllocating funds systematically
- interest rateCost of borrowing money
- secured loanBorrowing with pledged collateral
repayment plans · financial literacy · snowball · avalanche · home equity loan · credit score · personal loan · credit card debt · payday loan · balance transfer · loan restructuring · loan modification · monthly · disposable income · juggling · negotiate · payments · stress
- debtdebt, creditor, owe, debtor, lender
- money managementsaving, savings, budgeting, budget planning, expense tracking
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- business debtbank loan, commercial loan, credit line, line of credit, loan
- credit termsloans, installment loan, credit limits, monthly payment, credit cards
- debt helpdebt settlement, credit counseling, debt management, debt forgiveness, repayment plans
debt consolidationbankruptcy
Legal status when insolvent
debt settlement · foreclosure · debt restructuring · debt forgiveness · defaulting
debt consolidationdebt-free
Without financial obligations
financial freedom · solvency · wealth accumulation · savings · financial independence