Tips on consolidating debt

Household debt is the consumer debt of the adults in the household plus the mortgage, if applicable.In many countries, especially the United States and the United Kingdom, student loans can be a significant portion of debt but are usually regulated differently than other debt.Personal loans comprise another form of debt consolidation loan.

Student loans in the UK can not be included in bankruptcy, but do not affect a person's credit rating because the repayments are deducted from salary at source by employers, similar to Income Tax and National Insurance contributions.

CIBC Personal Loans and Lines of Credit enable you to borrow with flexibility at competitive interest rates.

Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Although there is variation from country to country and even in regions within country, consumer debt is primarily made up of home loans, credit card debt and car loans.

In some countries, these loans may provide certain tax advantages.

Because they are secured, a lender can attempt to seize property if the borrower goes into default.

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