Debt restructuring is a method of debt refinancing that involves a loan to pay much more. This may contain various types of liabilities.
Debt consolidation — This borrowing is to offset all or part of current obligations to reduce the number of obligations. Both current loans and credit cards should be combined into a more suitable single loan. The new loan can hit an favorable interest rate, adjustable repayment term and other benefits. Consumers typically use debt restructuring as a method for debt reduction.
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