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