Question by : 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?
Best answer:
Answer by Leslie K
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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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.