Also means
to restructure debt
Usage Note
umschulden means to replace existing debt with a new loan, usually at better terms: den Kredit umschulden = to refinance the loan. Common when interest rates fall significantly after a mortgage is taken out.
Examples
"Er hat seinen Kredit günstig umgeschuldet."
Natural Translation
He refinanced his loan on favourable terms.
Literal Translation
He has his loan favourably re-debted.
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