debt consolidation
Question: Hi there, I was browsing your website about consolidation. how does it work?
Answer: You can apply for a debt consolidation loan at a bank or finance company. In simple terms, you “consolidate” by borrowing enough to repay all of your other debts, so you are left with only one monthly payment, hopefully at a lower interest rate. A home equity debt consolidation loan is where you borrow money using your house as security, which generally results in a lower interest rate.
Unfortunately during this recession it has become difficult to qualify, so you may have to consider other options. More information on all options is available on our debt options calculator.