refinance
Refinance is the art of layering old debt with new debt to fool oneself into thinking the obligation’s quality has changed. The borrower, facing the arrows of interest, offers their credit anew to the market in a gamble called security. Only at the moment of refinancing does the debt appear stable, while hidden clauses lie in ambush. For financial institutions, it is a magical scheme to preserve unchanging spreads—a dancing partner that takes the borrower’s future as collateral.