The process of replacing a number of existing loans with only one loan from a new lender.
Debt consolidation loans combine all your outstanding debts into one loan in order to obtain more manageable monthly payments. Consolidating can eliminate the high interest charges on credit cards debts.
Sometimes referred to as loan consolidation, this simply represents the policy of borrowing on mortgage in order to repay other loans or debts. This can be achieved as part of a re-mortgage or by arranging a further advance from the existing lender
paying off, with the proceeds from a home equity loan, a number of higher-interest debts such as credit card balances.
A single loan to pay off multiple debts, usually over a longer term. This is a popular use of home equity loan or line of credit.
Replacing several loans with one. These loans can be secured by home equity, which make them a wise choice for people who have run up high-interest credit card debt -- if they can train themselves to stop using the cards.
MP] Rolling short-term debt into a home mortgage loan, either at the time of home purchase or later.
Rolling debt into a home loan, usually done in a refinance and not at thetime of purchase.
fee-based services provided to individuals with large amounts of debt that usually involves taking out a second mortgage on your home, or refinancing your current mortgage, and using the proceeds from the loan to pay of your credit card debts.
Gathering all long-term debts and rolling them all into a home mortgage loan or refinance.
The consolidation and payment of multiple debts with one home equity loan or line.
Debt consolidation is a way of bringing all of your debts together to enable you to make one singular monthly payment and avoid the pitfall of allowing high interest rates to get you into more debt. The reasons for doing this are to make life easier and to reduce interest repayments where possible. Also by spreading all the debts over a longer repayment period the immediate costs are reduced
A means of consolidating all or part of your debts into one easier payment each month.
Bringing a number of debts together into a single loan, in order to lower interest rates. Consolidation loans are also usually repaid over a longer period of time, which makes monthly payments much lower and affordable.
A procedure whereby a number of different loans held by an individual or party are collected together into one single loan.
a process of restructuring your existing unsecured debt with your creditors all of your current accounts
Replacing a number of existing loans with a single loan from a new lender. This can result in a reduction in your monthly payments by spreading the larger loan over a longer period and possibly, by reducing the overall interest rate. You should be mindful that the loan is secured on your property if provided via a mortgage. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
A process by which an individual takes out one loan to pay off a group of other loans. While helpful in some cases, debt consolidation can make bankruptcy proceedings more difficult.
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.
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.
The process of using the equity in the home to pay off other consumer debt. The benefits of consolidating allow the borrower to not only have one debt payment instead of many, but give the borrower the advantage of one lower mortgage interest rate (saving thousands in interest payments incurred by high interest loans), and the use of interest rate tax credits not available on other consumer debts (worth thousands of dollars yearly).
Using a personal loan to pay off all your existing debts, combining them into one reduced monthly repayment.
This is taking a new loan and using the proceeds to pay off several smaller debts.
Borrowers with a number of different loans usually which are unsecured - (not secured on the property) may find that they can replace these loans with a single loan secured on the property. This can often reduce the borrowers monthly outgoings by paying only one loan which is secured on the property sometimes over a longer term. As the loan is secured, the interest rate may be considerably lower.
The act of paying off all outstanding debt with a single loan.
Combining all debts into one lower monthly payment, thus extending the terms in most cases.
Debt consolidation is the process of bringing all debts together and then paying them through a single loan.
This is a prime bussword used by predatory lenders. They offer to pay off all your debts and finance themunder one low monthly payment. The only problem with thie "low monthly payment," is that you'll be paying it for a long time, and may still get socked by a large balloon payment at the end.
If you incorporate other debts such as car finance or credit card debts into your mortgage, you will only have one monthly payment to make and the interest rate you are charged is likely to be lower.
A Debt Consolidation loan is a loan used to pay off all your existing debts, making your finances easier to manage and usually saving you quite a lot of money too, as the interest rates on a large loan are generally much lower than those on credit cards, overdrafts etc.
Refinancing one or more existing debts into a new loan. In the mortgage-lending context, relatively short-term, unsecured debt is often rolled into a long-term mortgage loan.
When a consumer consolidates their unsecured debt into one monthly payment oftentimes through a DMP. This restructures the debt saving the consumer money. See Debt management plan.
An informal process of negotiation with unsecured creditors to obtain a reduction in the contractual repayment and / or a reduction in the interest / charges being levied by the creditor. The negotiation process involves providing proof to the creditor that the individual has insufficient income to meet all their contractual liabilities.
Is combining several existing loans and paying them off with a new loan to obtaining a lower payment or interest rate. Many consumers have used a home equity loan to consolidate all of their credit card debt.
Where all existing loans are replaced by one loan. The reasons for doing this are to make life easier and to reduce interest repayments where possible. Also by spreading all the debts over a longer repayment period the imediate costs are reduced.
Financial strategy in which you take out a low-rate loan in order to pay off one or more high-interest loans or credit cards.
A single loan that groups together multiple debts, often resulting in lower monthly payment and longer repayment schedule.
Using one new loan to repay other existing debts and help reduce the overall monthly repayments. A remortgage is often used for this purpose, because the interest rates charged on mortgages are generally much lower than other forms of debt, such as credit cards and personal loans.
The process of merging several debts into 1 payment, which generally have lower monthly payments and extend over a longer period of time. For example, you can make a balance transfer between credit cards or get a Home Equity Loan to eliminate credit card debt.
The transferral of several outstanding debts into one loan. Click to read more.
A loan which combines monthly bills (for example, high interest credit cards and car loans) into one new low low-interest home loan with one low monthly payment. This type of home loan can save a borrower hundreds of dollars every month.
This is a means to repay high interest debts (such as credit cards and personal loans) by incorporating them into a new mortgage to benefit from lower interest rates and lower monthly payments.
A procedure by which a number of loans (eg: hire purchase agreements, credit/store card balances, etc), often with short terms and relatively high interest charges, are collected together and replaced by a single debt. Invariably, the new debt/loan is taken out over a longer period of time and with a lower interest rate than the individual loans which can have the effect of reducing the borrowerâ€(tm)s monthly outgoings (but not necessarily saving them money in the long run).
A popular use of home equity in which people move high-rate credit card balances to low-rate mortgage loans. By taking a credit card balance at 18 percent interest and moving it to a home equity line with 8 percent or 9 percent interest, people may save thousands of dollars. Home equity line interest is usually tax-deductible too, magnifying the savings. See interest tax deduction.
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan.
The collection of a number of debts and loans with different lenders, into one new loan with just one payment.
A second mortgage or home equity line of credit which may help you lower your total cost of credit. These loans may provide certain tax advantages not available with other kinds of credit, but may also require your home as collateral.
The act of replacing (consolidating) several loans (debts) with one.
The combining and repayment of several debts by borrowing the amount owed through one new debt. It is often possible to reduce interest charges or monthly outgoings by doing this. Often savings are made by converting unsecured debts to secured debts. This however puts the asset used as security at risk if payments are not maintained in full. Interest rates on secured loans are often lower than for unsecured loans because there is a lower risk of non-payment to the lender.
This is a process where your multiple debts are consolidated into one loan amount. Debt consolidation saves you from the harassment of the creditors and also gives you the leverage of repaying your debts in affordable monthly installment. In a debt consolidation program a major percent of your debt amount is eliminated. All the late fees and hidden taxes are also eliminated. Usually one can pay off their debts within a reasonable period of time with the help of such programs. However the time period to clear a particular debt depends on the type and amount of debt a person is undergoing.
To bring all or most of your debts together in one loan.
Using the funds from one loan to pay off multiple debts. Many home-owners use the equity in their home to consolidate their debts.
A new loan typically at a lower rate and over a longer term used to repay existing short term borrowing.
To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. However you are actually increasing your debt with a Debt Consolidation Secured Loan and paying it over a longer period allowing lower monthly repayments. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
A strategy for reducing monthly loan payments by replacing multiple loans with one single loan with a longer repayment period.
The process of combining all debts into the one loan. Mortgage rates are generally less than other personal debts and hence the benefit to consolidate debts into a mortgage is a reduction in total debt repayments.
Usually refers to obtaining a loan to pay off existing debt. The loan could be unsecured, secured or raised through remortgaging property.
is a process in which debt you restructure your debts into a single affordable amount. A consolidation loan can be used to pay off your existing debts and simplify your repayments. Because a consolidation loan is usually secured against your property, your home is at risk if you do not keep up monthly repayments. If you have a serious debt problem, a debt consolidation loan would probably worsen your situation.
Combining several debts into one loan, usually to reduce the annual percentage rate or the dollar amount of payments made each month.
Obtaining one loan to repay multiple debts.
Taking out one large loan to pay off a number of smaller debts.
Consolidate your unsecured debts such as credit card bills, student loans and medicals bills into one loan by taking a second mortgage or home equity line of credit (HELOC) against your home.
The combining of debt from different financial institutions or products into one loan.
Borrowers who have a number of debts on different credit cards, store cards, overdrafts and loans may consider arranging a single competitively priced loan and using the cash to clear the balances outstanding. Effectively this consolidates all their debts into a single loan which can then be cleared in a disciplined fashion.
A means of pooling all your different debts (eg: credit card, loan, store card) so that you are only borrowing the total debt from one lender. Remortgaging can be an effective way of achieving this as mortgage lenders usually offer the lowest interest rates compared to other finance companies.
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.
The process of bundling all debt into one loan, usually repayable at a more favourable rate of interest.
The act of replacing more than one loan with a single loan, often with a lower monthly payment and a longer repayment period. Also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page. Click here for additional information.
Debt Consolidation is replacing multiple loans with a single loan that is normally secured on property. This can often reduce your (the borrowers) monthly outgoing interest payments by paying only one loan which is secured on the property sometimes over a longer term. Because the loan is secured, the interest rate will generally be considerably lower.
This refers to a loan that combines all or many of a person's debts into a single loan. Debt consolidation loans might combine some or all of the following types of debts: mortgages, credit card bills, medical bills, car loans, loans to purchase major appliances, home improvement loans, etc.
Debt consolidation entails taking out one loan to pay off several other loans and/or accounts.
Replacing a number of existing loans with a single loan from a new lender which may reduce your monthly payments by spreading out a larger loan over a longer period of time, and reducing the interest rate being paid.
Debt Consolidation loan is a loan used to pay off some or all of your existing credit, making your finances easier to manage.
Term used to descibe the action of raising new money to pay off an existing debt or debts. Another term for this is "refinancing".
The consolidation of all credit card debts into a single debt, often with a lower monthly payment, and a lower interest rate. Many organizations offer credit card debt consolidation services. By consolidating your credit card debt, you still hold all your credit cards but pay a single monthly payment instead of paying to all the different credit card issuers.
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 rate or for the convenience of servicing only one loan.
Imagine waking up each day and not having to worry about creditors calling you to harass you for money. Imagine the feeling of reassurance when you know that you are on top of your financial situation? Debt Consolidation - Get Control of Your Debt With Low or No Interest Loans.