Debt consolidation is combining several loans into one new loan, often with a lower interest rate. Mortgages and car loans are secured loans, as they are both backed or secured by collateral. In these cases, the collateral is the asset for which the loan is taken out, so the collateral for a mortgage is the home, while the vehicle secures a car loan. Borrowers may be required to put up other forms of collateral for other types of secured loans if required. If you’re looking to take out a loan to pay for personal expenses, then a personal loan calculator can help you find the interest rate that best suits your needs. With compounding, the interest owed is higher than that of the simple interest method because interest is charged monthly on the principal loan amount, including accrued interest from the previous months.

• In this guide, we are going to focus on breaking down the most important areas of personal finance and explore each of them in more detail so you have a comprehensive understanding of the topic.
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