Define: Debt Consolidation Program

UK Accounting Glossary

Definition: Debt Consolidation Program



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Full Definition of Debt Consolidation Program


A debt consolidation program is a program in which several of a person’s debts or loans are combined into one large loan. With a debt consolidation program, a new loan is created. People participate in a debt consolidation program for a variety of reasons, the most common of which is to pay a lowered interest rate. Thus, a debt consolidation program is popular among people with credit problems, such as excessive credit card debt, high student loans, and other types of debt. A debt consolidation program can also be used for sheer simplicity. A debt consolidation program is also called a consolidation loan. For some people, a debt consolidation program is used as part of a plan to prevent creditors from taking legal action.


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Debt Consolidation Program. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/debt-consolidation-program/.
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Debt Consolidation Program. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/debt-consolidation-program/ (accessed: March 30, 2020).
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Debt Consolidation Program. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/debt-consolidation-program/

Definition Sources


Definitions for Debt Consolidation Program are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 7th February 2020.