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Simply put, a consolidate loan pays off all or several of your outstanding debts, particularly credit card debt. It means fewer monthly payments and lower interest rates. Consolidated loans are typically in the form of second mortgages or consumer loans.

In most cases you are not responsible for another persons debt when they die, unless you are a co-signer on the account. If however, that person was your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), debts incurred during the marriage are considered commu

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country's fiscal approach to corporate debt or Government debt. The process can secure a lower overall interest rate to

Private Student Loan Consolidation. Private student loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans. So the main benefit of such a consolidation is obtaining a single monthly payment.

Building credit. Borrowers with bad credit can turn to consumer loans instead of credit cards. The other major benefit of a consumer installment loan is that the lender may report the borrower's payment history to credit reporting agencies.

Simplifying your life is a side benefit of consolidation the main reason people do it is to get a fixed lower interest rate so they can pay their debt down faster. The same is true for student loan debt consolidation, except that federal student loans cannot usually be consolidated with other debts.