What Debt Can Be Consolidated and How

What Debt Can Be Consolidated and How
Consolidating debt lets you reduce the cost of your overall repayment by securing better terms and interest. Shutterstock
Anne Johnson
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Be it a mortgage, an auto loan, or credit cards, most people are carrying some type of debt. And many have multiple loans, both secured and unsecured, they’re paying on each month. Those who are overwhelmed with various types of debt may be thinking of consolidating it.

All debt isn’t equal when it comes to consolidating. There are certain types that either aren’t eligible or need specific programs. But what debt can you consolidate?

Secured Debt Versus Unsecured Debt Consolidated Loans

A consolidated loan lets you roll over several debt balances into a new loan. The result is that you make one payment at a lower interest rate.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for 10 years.