debt consolidation loan
Combined obligation financing
A debt consolidation loan is a single loan used to pay off multiple existing debts, combining them into one monthly payment, often at a lower interest rate.
The strategy simplifies repayment and may reduce total interest paid: We took out a debt consolidation loan to pay off three credit cards.
The loan itself still requires repayment—it reorganizes debt rather than eliminating it.
- refinanceObtain new loan terms
- creditRecognition or payment deferral
- credit card debtMoney owed on plastic
- paymentsMoney given for obligations
- interestAttention, stake, or fee
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- home loanshome equity, second mortgage, home improvement loan, fixed rate loan, fixed-rate loan
- Home Equityhome equity loan, home equity line, HELOC, second mortgage, equity line
debt consolidation loanfinancial freedom
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