Debt consolidation
Form of debt refinancing / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Debt consolidation?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others.[1] This commonly refers to a personal finance process of individuals addressing high consumer debt, but occasionally it can also refer to a country's fiscal approach to consolidate corporate debt or government debt.[2] The process can secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan or debt.[3]