A refinance is a loan modification which changes the terms of debt, usually replacing an existing interest rate with a lower interest rate.
When people are struggling with credit card debt and other types of unsecured debts many times they look to refinance their debts, such as a mortgage. This is not a solution to the problem at hand, which is the lack of cash flow to pay off these debts. We usually suggest settling debts verses refinancing them. If you are struggling with credit card debt and are not sure what method you should use to repay that debt, contact us!