Sometimes it can be difficult to manage multiple payments when you have a few outstanding loan balances with high interest rates — such as credit cards and personal loans. (bmo.com)
Also, forgiveness of federal student loan debt is taxable as income in the year outstanding loan balances are canceled. (studentloans.net)
Cash - out refinancing means moving into a new mortgage with a lower rate but a higher outstanding loan balance and receiving the difference as cash. (valuepenguin.com)