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In this case, if the term of the debt consolidation loan, is 30 years the repayment of the original loan would be stretched out over the course of 30 years at an interest rate which is only slightly lower than the original rate. What is Debt Consolidation? The term debt consolidation can be a rather tricky issue. The amount of debt and the loan term, or length of the loan, figure prominently into the equation as well. This is because interest rate alone does not determine the amount which will be paid in interest. The interest rates associated with home loans are traditionally lower than the rates associated with credit cards by a considerable amount. This new loan will be subject to the applicable loan terms including interest rates and repayment period. Does Re-Financing Improve Your Financial Situation? Homeowners who are considering re-financing for the purpose of debt consolidation should carefully consider whether or not their financial situation will be improved by re-financing. With this type of option, the homeowner can consolidate higher interest debts such as credit card debts under a lower interest home loan. This is important because some homeowners may opt to re-finance because it increases their monthly cash flow even if it does not result in an overall