2006-11-06 07:16:37 · 6 answers · asked by miaslwyatt 1 in Business & Finance ➔ Personal Finance
It's a loan where you can pay off all your other debts, (credit cards, auto loan etc.) And just have the one loan and one interest rate instead of many.
2006-11-06 07:20:32 · answer #1 · answered by The Edge 3 · 0⤊ 0⤋
Exactly what it states.
A loan that is taken out to pay off and to consulated other debts.
Meaning lets say you have 5 credit cards and each has 1000 on them spent. To pay them all off and to remove multiple items off your credit report to then just add 1 item, the loan to the credit report.
Some people do this if they get better interest rates or if they are looking to buy a home or large purchase to clear up their credit rating some.
2006-11-06 07:20:07 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It's a form of personal loan used to combine, or consolidate, all your debts into one payment. (i.e. if you have several credit cards, a car loan, and a home equity loan - the lender pays them off and this combines them all into one payment for you. I'm told it pays if you have high interest rates and large balances.)
2006-11-06 07:18:49 · answer #3 · answered by zippythejessi 7 · 0⤊ 0⤋
for finance credit and loan
2014-12-30 10:06:13 · answer #4 · answered by Tomkin 1 · 0⤊ 0⤋
You might check out: http://loanconsolidation1.blogspot.com They have good information about debt consolidation.
http://loanconsolidation1.blogspot.com
2006-11-07 22:37:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Try http://goo.gl/DsqP3y
2016-07-19 12:43:53 · answer #6 · answered by Brande 5 · 0⤊ 0⤋