To Start things off we’ll make it simple - (Google Definitions) Definitions of Debt consolidation on the Web:
- Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest …
en.wikipedia.org/wiki/Debt_consolidation - To combine all several financial liabilities into one loan.
investor.infospaceinc.com/glossary.cfm - A strategy sometimes used by consumers to better manage their debt problems. Rather than paying off several separate bills each month, a consumer consolidates his or her debts with a financial institution that will arrange for one lower monthly payment extending over a period of time.
www.your-financial-advisor.com/terms.htm - Rolling short-term debt into a home mortgage loan, either at the time of home purchase or later. Debt Service: The total amount of credit card, auto, mortgage or other debt upon which you must pay.
www.multilinemortgage.com/terms_definitions/Terms_Definitions.htm - Debt consolidation is the replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It can also be called a consolidation loan.
www.iva.co.uk/debt_iva_info_uk_glossary.asp - This is the process of taking out a new loan, usually at a lower interest rate, to pay off outstanding consumer debt such as student loans, credit …
www.personalhomeloanmortgages.com/mortgage_glossary.asp - When a number of debts are restructured into one monthly payment ideally at a lower monthly payment then the sum of the previous payments. Debt Consolidation can be achieved a number of ways including through a loan, a re-mortgage, a debt consolidation plan, bankruptcy, or an IVA.
www.iva.net/glossary.html - Used to manage debt, a strategy in which a borrower takes out a loan to pay off others. The borrower may then have one lower monthly payment that extends over time.
www.beneficial.com/learn-about-loans/help/additional_resources/glossary.html - Consolidation measure that must be carried out when the consolidated financial statements are prepared. Here not only the items shown in the balance sheet but all intragroup accounts receivable and payable must be taken into consideration.
www.ir.airberlin.com/glossar.php - Using the proceeds of a new loan to pay off one or more existing loans. Usually done when the client has trouble meeting their existing obligations and is able to lower their monthly payment with another more favorable loan.
www.asbonline.com/customerservice/glossary.asp - A very popular use of a home equity loan where members move high-rate credit card balances to low rate home equity loans. By taking a credit card with an 18% interest rate and moving it to a home equity line with an 8 or 9% interest rate, a member could save thousands of dollars.
www.americu.org/he/HE_glossary.cfm - Gathering all long-term debts and rolling them all into a home mortgage loan or refinance.
www.mortgages-only.com/glossary.htm - A very popular method of settling debts, whereby the debtor takes up a debt consolidation loan or mortgage to settle the debts combined into one.
www.e-debt-consolidation.co.uk/glossary.html - for mortgage purposes, it’s the paying off of some or all of a person’s consumer debt with the equity in their home. This can be accomplished by refinancing someone’s first mortgage or by giving them a separate second mortgage.
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