Debt consolidation is the combination of multiple loans with a new, single loan offering a lower monthly interest rate and payment, or a longer repayment period. In the context of credit card debt, this often involves a balance transfer from several high-interest cards to a single lower interest card.

Debt consolidation is a process by which several debts are replaced by one debt. The idea is to simplify repayment and hopefully make it more affordable as well.

Definition The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. also called consolidation loan.

is a service offered by many independent organizations to help consumers with serious debt problems. They generally offer credit counseling and the means by which multiple debts, bills and outstanding [..]

Debt consolidation is a way to centralize your debt in order to lower your monthly payments and interest rate.

Rolling short-term debt into a home mortgage loan, either at the time of home purchase or later. For columns on the subject, see Debt Consolidation

A Debt Consolidation Loan is when you replace your existing loans and credit debts with one single loan. By doing this you can reduce your monthly outgoings and usually pay less each month. Reductions in monthly repayments are usually obtained by having your loan over a longer repayment period.

See loan consolidation.

Taking all of your multiple loans and bringing them together to form one single loan. This usually creates a lower monthly payment but extends the length of the loan. Sometimes referred to as a consol [..]

Debt consolidation is the replacement of several loans by taking out one loan usually at a lower interest rate. It is used to manage outstanding consumer debt such as student loans, credit cards, and [..]

the process of combining several loans or other debts into one for the purposes of obtaining a lower interest rate or reducing fees.

See loan consolidation.

Using the proceeds of a new loan to pay off one or more existing loans. Usually done to provide the borrower more favorable terms than the existing debt.

See consolidation loans.