The process of transferring debt from a high-rate loan to a lower-rate loan. It’s like switching from overpriced cable service to something more manageable if you have the opportunity to do so. You still have to pay but it’s not nearly as pricey. Not everyone can do it, though. You have to have a good payment and credit history. A big reason for doing this is to have a little more cash readily available by reducing your monthly bills.

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