Effective Ways to Consolidate Your Debt

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 Consolidation loans allow you to put most or all (depending on what funding or lines of credit you have available) of your debt onto one line of credit, or loan, to reduce interest and monthly payments.

Some of the available options you can look into: -Refinance or Home Equity Line of Credit (HELOC) -Balance Transfers -Personal Loan

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.

How Can A Refinance Or HELOC Help You?

Completing a refinance on your mortgage means you are taking out a new loan through a mortgage company and applying it to the old one to pay it off, plus whatever you are using the new funds for.

What Is A Refinance?

Generally, you need to own the house for at least two years before you can refinance because you have to make the payments and build equity over time.

A home equity line of credit (HELOC) is a line of credit from the equity you have on your home.

What Is A HELOC?

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