6 Debt Consolidation Methods
Debt consolidation loans are a great way to combine your debt into one monthly payment, with less interest than you were paying on each credit card.
Debt is a problem for many Americans.
What Are Debt Consolidation Loans?
Debt Consolidation loans allow you to put most or all of your debt onto one line of credit, or loan, to reduce interest and monthly payments.
How Can A Refinance Or HELOC Help You?
If you are a homeowner and your mortgage is in good standing, you can use the equity you have in your home to cover a debt consolidation loan.
What Is A Refinance?
Completing a refinance on your mortgage means you are taking out a new loan and applying it to the old one to pay it off, plus whatever you are using the new funds for.
What Is A HELOC?
A home equity line of credit is a line of credit from the equity you have on your home. This is a good option because you will still pay less interest than you pay on your other lines of credit combined.
Another Important Factor To Remember For Both Refis and HELOCS Is:
that you are putting your house on the line for this debt consolidation loan. Do your math and make sure your budget has room for each month’s payment.
Realistically, you are saving money because the payment will be built into your mortgage payment.
Do your budget and proceed cautiously by making sure you know exactly how much you can afford to cover monthly.
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