debt consolidation
combining multiple loans and liabilities into a single loan. This is the process of taking out a new loan to pay off multiple debts with a single monthly payment. The purpose can be to lower the overall interest rate, lower the monthly payments or to simplify monthly bills.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
debt
Noun: debt (the state of owing something (especially money)) "he is badly in debt"
Noun: debt (money or goods or services owed by one person to another)
Noun: debt (an obligation to pay or do something)
consolidation
Noun: consolidation (combining into a solid mass)
Noun: consolidation, integration (the act of combining into an integral whole) "a consolidation of two corporations"; "after their consolidation the two bills were passed unanimously"; "the defendants asked for a consolidation of the actions against them"
Noun: consolidation (something that has consolidated into a compact mass) "he dropped the consolidation into the acid bath"
- debt consolidation -
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