Debt Consolidation
/ˈdɛt kənˌsɑlɪˈdeɪʃən/
Definitions
- (n.) The process of combining multiple debts into a single loan or payment plan to simplify repayment and possibly reduce interest rates.
The debtor opted for debt consolidation to manage payments more effectively.
Forms
- debt consolidations
Related terms
See also
Commentary
Debt consolidation is primarily a financial arrangement but frequently involves legal documentation and may impact creditors' rights.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.