loan consolidation
Combining multiple debts
Loan consolidation is combining multiple debts into a single loan, typically to simplify payments or secure a lower interest rate.
Student loans, credit card balances, and other debts can be consolidated into one monthly payment: After consolidation, she had just one bill instead of six.
The new loan pays off the old ones, leaving the borrower with a single creditor.
- debtMoney owed another
- debt freeOwing no money
- refinanceObtain new loan terms
- mergeCombine into unity
- paymentsMoney given for obligations
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- frugalityfrugality, thrift, frugal, penny-pinching, economize
- business consolidationmerger, mergers, acquisition, acquisitions, takeover
loan consolidationdebt forgiveness
Cancellation of amounts owed
debt cancellation · loan forgiveness · debt relief · bankruptcy · student loan forgiveness
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