Not exact matches
In the good
old days, a bank might have held
onto a quality mortgage for the length of the
loan, depending on a faithful and consistent repayment to make a profit.
Old «mortgage style» student
loans details are passed
onto credit reference agencies.
In contrast, compound interest adds some of the monthly interest back
onto the
loan; in each succeeding month, you pay new interest on
old interest.
That purpose is defeated if after you get the
loan, you go
onto accrue more debt through continued access to
old accounts and credit cards, which probably led you to want to consolidate your debts in the first place.
Old «mortgage style» student
loan details are passed
onto credit reference agencies.
«Don't roll the
old debt
onto the new
loan, which people get talked into doing quite often.»