Refinancing of interest only loans just means exchanging one loan for another. It is an efficient way to lower the debt on existing loans. This is specifically beneficial if the present interest percentage are lesser than the interest rates you are presently paying on the loan. Refinancing would allow you to convert your high interest debt into a low interest debt, as the total monthly payment would become lower.

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This particular scam technique affects debtors in two ways. First, you are charged for a loan that you are not even qualified for to begin with. Therefore, the money you spend trying to settle the loan is put to waste since you could have used that trying to settle off your previous credit card debts.

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