Debt Consolidation Loans Explained: 6 Things You Need to Know

Debt is a problem for many Americans. Especially now in the holiday season. So, what will you do when the holidays are over, and your credit card debt is piling up?

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.

1. What kind of debt consolidation loans are there?

-Refinance or Home Equity Line of Credit (HELOC) -Balance Transfers -Personal Loan

2. How Can A Refinance Or HELOC Help You?

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.

3. How Can A Balance Transfer Help You?

This will allow you to cut down on your minimums each month, how much interest you pay on your current lines of credit, and it will help simplify your bill process because you will have less to pay throughout the month.

Tap the link below for more on debt consolidation.