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There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.What types of debts can be covered by a debt consolidation?Others succeed because debt consolidation is part of a bigger plan to gain control over their finances.So the first step in debt consolidation is simply to consider whether it will actually work for you.Consolidation works best as part of a larger plan to become debt-free; it shouldn’t just be a way to buy some breathing room.If you are consolidating debt just to get a lower interest rate without really knowing how you’re going to pay the debt off, then you are simply moving the problem around instead of facing it.Debt consolidation allows borrowers to roll multiple old debts into a single new one.
In that case, consolidating high-interest debt into a lower-interest loan may be your best option.Did you know second mortgage rates can be as high as 24%?Today, you can refinance your existing mortgage to incorporate those debts and remove the debt load without having to take out a second mortgage.There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.The option that best suits you will depend on your credit, available cash and other aspects of your financial situation, as well as your personality. What to do if your debt is insurmountable Get ready to tackle your debts Your options for debt consolidation Ask yourself a few questions to see if debt consolidation is really what you need: Am I serious about paying off my debt?
The valuable equity that you have in your home can be used to consolidate high interest credit card debts, credit lines and even car loans.