What Does Consolidated Mean?


5 Answers

Neil Grayson Profile
Neil Grayson answered
To consolidate is to unite, strengthen and merge a union. For example, debt consolidation refers to the process of which multiple loans are combined into one. This means that you will only have one large payment each month compared to several that you may have experienced before. It is a helpful process because then you are less likely to forget to pay one of the payments, which would result in late fees and charges.

The most common loans that individuals decide to consolidate are student loans, credit card debt and auto loans. In terms of interest rates on consolidation loans, they will be decided based on your credit score and if you are taking out unsecured or secured loans. With regards to secured loans, they will usually use your main property, such as your home, as collateral that can be detained by the bank if you refrain from paying your loans on time. Having a secured loan will generally result in your interest rates being lower.

The main advantage of consolidating your debt is the fact that you are likely to be paying a lower interest rate compared to individual accounts. Especially in the current financial difficulties, it would be very helpful to go through with this process because interest rates are very high. However, it is important that you check and compare the monthly payments and interest rates with your individual accounts before you go ahead with the process, because if your credit score has dropped, you may have to pay a higher interest rate once you’ve consolidated your debt. Also, the main aspect you need to take deep consideration with is the fact that if you use your home as collateral then you could lose it if you can’t make your payments.
Yooti Bhansali Profile
Yooti Bhansali answered
Consolidated means; a material that is solidified or made hard. To consolidate means to unify or bring together as one. For example, "all the local banks were consolidated under one name."

In botanic terms, consolidated means; one that has a small surface that is disproportionate to the whole body. For example - the cactus. Consolidated plants are apparently made to adapt to extremely dry areas, hence only such plants are found in this type of climate.

The Consolidated Fund is an English fund that was created through the consolidation of three public funds namely, The South Sea Fund, The Aggregate Fund and The General Fund in the year 1787. In the year 1816, the bigger portion of the revenue of the country of England and Ireland was allocated to what is commonly called as the Consolidated Fund of The United Kingdom. The interest of national debt and income of civil officers is allocated from this fund.
Anonymous Profile
Anonymous answered
It means taken something larger and making it smaller, companies consolidate by closing plants and making a few central plants.
Debt Wave Profile
Debt Wave , Gary Booth, answered

Debt consolidation helps turn all your debts into one affordable monthly repayment.

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