Question

    Which of the following terms refers to the process of

    merging multiple loans into a single loan with a lower interest rate?
    A Debt Refinancing Correct Answer Incorrect Answer
    B Debt Consolidation Correct Answer Incorrect Answer
    C Loan Amortization Correct Answer Incorrect Answer
    D Debt Restructuring Correct Answer Incorrect Answer
    E Balance Transfer Correct Answer Incorrect Answer

    Solution

    Debt consolidation refers to the process of merging multiple loans into a single loan, often with a lower interest rate, making it easier for borrowers to manage debt.

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