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Reloading |
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Reloading The act or practice of borrowing money in order to pay off some other debt. Depending on the type of reload loan, this may be advantageous to the borrower as he/she may pay a lower interest rate and the interest may be tax-deductible. For example, credit card debt has a high interest rate and is not tax-deductible. Someone with a large amount of credit card debt may take out a home equity loan in order to pay off the credit card. In the long run, the borrower will pay less because home equity loans come with a lower interest rate and he/she may write off the interest. While they may be advantageous, it is possible to reload too much or too often, resulting in a greater amount of debt. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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