Now is the time to consolidate your debts if you're serious about paying down your debts and getting rid of high-interest payments. Consolidation helps you reduce the number of payments on debts and reduces or eliminates your debt amount.

There are different options to consolidate debts but you need to choose the right way out considering the type of debt you have, be it a personal loan, home loan, multiple credit cards or a combination.

Using a personal loan to consolidate credit cards, car loan, medical bills etc is one way of getting debt-free. But utilizing your home is at times even a better way to reduce your debt especially if it's a combination of secured and unsecured loans.

2 Ways to use your home and consolidate debts:

• Pull out extra cash by refinancing:
If there is already a mortgage on the home and enough equity too, you may go for debt consolidation refinance wherein you'll be able to pay off the existing loan and take out extra cash thereby borrowing more than the loan balance. But refinance for consolidation makes sense only if market rates are comparatively lower than what you are charged currently. This will help you save in interest payments, and consolidate debts with the extra cash and interest savings. But you need to be clear as to why you are refinancing and how it can help you.
 

• Watch out for second mortgages:
You can try out with second mortgages for debt consolidation if you have thousands to pay for credit card debts and medical bills etc. You can borrow at fixed rates as well as adjustable rates (home equity line of credit or Heloc).

Compared to credit card rates, second mortgages are available at reduced rates, often more than 10% lower than the former. So, you are likely to save in interest by going for home equity debt consolidation. However, you need to be aware that you don't run up the credit card balances right after consolidation or else you'll be in debt again!

Only consider home equity debt consolidation if you think you can afford payments on two mortgages.

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

20 Second Application

Now is the time to consolidate your debts if you're serious about paying down your debts and getting rid of high-interest payments. Consolidation helps you reduce the number of payments on debts and reduces or eliminates your debt amount.

There are different options to consolidate debts but you need to choose the right way out considering the type of debt you have, be it a personal loan, home loan, multiple credit cards or a combination.

Using a personal loan to consolidate credit cards, car loan, medical bills etc is one way of getting debt-free. But utilizing your home is at times even a better way to reduce your debt especially if it's a combination of secured and unsecured loans.

2 Ways to use your home and consolidate debts:

• Pull out extra cash by refinancing:
If there is already a mortgage on the home and enough equity too, you may go for debt consolidation refinance wherein you'll be able to pay off the existing loan and take out extra cash thereby borrowing more than the loan balance. But refinance for consolidation makes sense only if market rates are comparatively lower than what you are charged currently. This will help you save in interest payments, and consolidate debts with the extra cash and interest savings. But you need to be clear as to why you are refinancing and how it can help you.

• Watch out for second mortgages:
You can try out with second mortgages for debt consolidation if you have thousands to pay for credit card debts and medical bills etc. You can borrow at fixed rates as well as adjustable rates (home equity line of credit or Heloc).

Compared to credit card rates, second mortgages are available at reduced rates, often more than 10% lower than the former. So, you are likely to save in interest by going for home equity debt consolidation. However, you need to be aware that you don't run up the credit card balances right after consolidation or else you'll be in debt again!

Only consider home equity debt consolidation if you think you can afford payments on two mortgages.
 

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

20 Second Application