DEF refinanance?
Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. The most common consumer refinancing is for a home mortgage.
Answered by Melinda W. -
About Debt
Debt is an obligation to pay someone back, either in money or other goods. Before the recession of 2008 and the financial meltdown, many people and corporations took on so much debt that their houses were foreclosed and their companies failed or had to be sustained by the government until they got back on their feet. (An example is General Motors.)
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