Meaning of “debt consolidation” in the English Dictionary

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"debt consolidation" in Business English

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debt consolidationnoun [ U ]


a method used for managing debt, in which you take out a single new loan and use it to pay back several of your other debts:

The OFT said that the majority of debt consolidation loans took the form of a second mortgage.

(Definition of “debt consolidation” from the Cambridge Business English Dictionary © Cambridge University Press)