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Questions About Credit Card Consolidation

What is the difference between credit card consolidation and loan consolidation?

I am confused. What is credit card consolidation? What is loan consolidation? What is a debt consolidation loan?

Industry Expert answers:

A loan consolidation and a debt consolidation are the same. A bank loans you enough money to pay off credit cards or loans (like a car loan). They group it all into one single loan through them (hence the word “consolidation”). So they take all your outstanding “debt” and put it in one single loan with a fixed monthly payment.

A credit card consolidation can be one of two things:

First – You take a credit card and “transfer” the balances of all your other credit cards onto it. Then you have only one single credit card bill.

Second – A debt consolidation loan where you get a loan through a bank to pay off credit card debt. Sometimes the bank will want you to cancel the cards too. Not always.

Hope this helps!

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