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What Is The Meaning Of Debt Consolidation?

meaning of debt consolidationSo what is the meaning of debt consolidation? Debt consolidation takes all your unsecured debts and combines them into one loan. Learn more about this process and if it’s the right choice to better manage your debts and finances.

Explaining the Meaning of Debt Consolidation

The exact meaning of consolidation is “the action or process of combining a number of things into a single more effective or coherent whole.” When loans or balances are combined, it makes a more effective and simpler repayment for the consumer.

One typical approach to debt consolidation involves taking out a loan. A new sizable loan replaces all the payments. Therefore, only one payment is needed as your other individual debts have been paid off with the new loan. The loan may be obtained through debt relief programs, your bank, or as a home equity loan.

Although this approach has the basic appeal of one monthly payment, there are significant costs and risks involved.

  • The interest rate on a debt consolidation loan is likely to be high.
  • The credit cards and store cards remain open, and you risk running up new debt on those cards, on top of your consolidation loan debt.
  • Consolidation loans shift your debt but haven’t really done anything to address the real cause.

ACCC & the Meaning of Debt Consolidation

ACCC offers a way to consolidate your debts without having to borrow more money. How does debt consolidation work with ACCC? In short, you make one consolidated payment to ACCC each month. As a result, your payments to your creditors are distributed by ACCC.

There are several benefits to this approach beyond the simplified repayment plan.

  • Often creditors participating in this personal debt consolidation program are willing to reduce your interest rate and waive outstanding fees.
  • Credit accounts involved in the program will be closed to further spending. This way you can make genuine progress on reducing and ultimately eliminating your debt.
  • The program includes financial counseling geared toward helping you enhance your credit management skills to avoid future debt problems.

Finally, now that you know the meaning of debt consolidation, you can decide whether to move forward with your own consolidation or use a certified non-profit agency, like ACCC.

To speak to a credit counselor today about debt consolidation and managing your finances, call 800-769-3571.


Michelle is a regular contributor to Talking Cents. She has taken several financial courses on debt management and is ready to circulate what she has learned from them as well as lessons from her own life- family to DIY projects to student loan debt.

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