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understanding debt consolidation

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gotroot
gotroot Posts: 11 Forumite
in Loans
i am having trouble underrstanding the term debt consolidation. is it when we consolidate many loans into a single loan? is the new loan on a higher interest rate than the rest?

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  • kenshaz
    kenshaz Posts: 3,155 Forumite
    Part of the Furniture Combo Breaker
    Yes and probably secured on your home,celebrity endorsement seems to promote this form of lending,I do not know your circumstances ,but I would avoid
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
  • kenshaz
    kenshaz Posts: 3,155 Forumite
    Part of the Furniture Combo Breaker
    gotroot wrote:
    i am having trouble underrstanding the term debt consolidation. is it when we consolidate many loans into a single loan? is the new loan on a higher interest rate than the rest?
    why the link
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
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