debt reduction credit card consolidation consolodation
source: http://grmlbrowser.com/mini-sites/d/debt-reduction-credit-card-consolodation.asp
clipped by backgrounds2layouts May 19, 2007
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Debtors with property, such as a home or car, sometimes get a lower rate, through a secured loan. Their property is used as collateral. The total interest, and the total cash flow, paid towards the debt, is lower. This allows the debt to be paid off sooner, incurring less interest.
Many people are in credit card debt because they spend more than their income. If this continues, the consolidation does provide lasting benefit. They simply increase their credit card balances again.