Alternatives To Consolidate Different Debts Into One Loan
A Debt Consolidation Loan combines into one single loan all your consumer and credit card debts, and other debts which are not secured by collateral.
Generally Debt Consolidation Loans are used to reduce the amount of interest being paid on debt. A Debt Consolidation Loan can also be used to move debt to a loan with credit life and/or credit disability and/or loss of job insurance. As an added bonus, you end up with only one check to write each month instead of one per debt.
You can consolidate debt in a variety of ways:
- Switch your credit card debts to one lower interest rate credit card.
- Pay off your debts with an unsecured loan from a bank or credit union.
- Pay off your debts using your house as collateral through a Home Equity Loan.
- Pay off your debts through a loan from family or friends.
- Pay off your debts through a loan from your Retirement Account.