Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » What is the difference between credit card consolidation and loan 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?

{answer}

RELATED POSTS:

  1. Enjoy Financial Freedom, International Recognition and Convenience with a Credit Card,Credit Card UK, Credit Card US, Credit Card Unsecured, Credit Card Juniper, Credit Card, Credit Card Debt Relief, Credit Card Rate Credit card processing machines, Merchant Services, Merchant accounts, Accept Credit Cards, Point of sale solution Systems Enjoy financial freedom,...

  2. What is a really good credit card consolidation company? I have about 6000 dollars in credit card debt and high intrest rates, does anyone know of a good credit...

  3. Christian Debt Consolidation For Credit Card Debt Relief www.OutOfDebtToday.com christian debt consolidation, http will show you secrets your creditors don’t want you to know. Debt consolidation online...

  4. Debt Consolidation Program – Fast Credit Card Debt Relief www.OutOfDebtToday.com debt consolidation program to eliminate your credit card debt. debt consolidation programs to get debt free fast Just...

  5. How can I get debt consolidation with hospital bills and non credit card debt? I have a bunch of hospital bills that really cost me in credit scores. I really want to try to...

Written by

Filed under: Credit Card Consolidation · Tags: , , , , ,

2 Responses to "What is the difference between credit card consolidation and loan consolidation?"

  1. Leslie K says:
    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!

  2. Ginger says:
    Credit card consolidation is combining the debts and credit lines of two cards if issued by the same bank.One credit card is closed. If different banks, then one bank does a payoff by balance transfer to the other and the line is not closed.

    Loan consolidation can be combining student loans to consolidating a group of loans into one large one. There is only one payment and usually at a lower APR. Usually secured by real estate, this is very common.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player