UK Accounting Glossary
When a person seeks to consolidate loans, he/she is essentially taking out one loan to pay off many others. Usually, when a debtor is in danger of bankruptcy, he/she will hurry to consolidate loans. Those who consolidate loans often aim for a lower or fixed interest rate. There are many debt consolidation companies that offer to help consumers consolidate loans. To consolidate loans carries some level of risk, as many people are tempted to consolidate unsecured debt into secured debt, which is usually secured by a home or other dwelling. Although monthly payments can be lower, to consolidate loans in this manner often causes the total repayment amount to skyrocket. In addition, predatory lenders often prey on those seeking to consolidate loans. Prudence and research are the keys to successfully consolidate loans. Other than consumers, students are also working aggressively to consolidate loans.
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This glossary post was last updated: 4th February 2020.