Consolidating consolidation de debt information
Debt consolidation involves taking high-interest balances on a multitude of credit card bills and combining them into a single balance.
Whether you’re juggling credit card balances or working to pay off your student loans, these monthly payments can add up and if you only make the minimum monthly payment, you’ll have to manage those payments for years. Debt consolidation is when you pay off multiple credit cards, bills, or other debt with a single large loan.
If the current value of your home is greater than your current mortgage balance, it means you have equity in your home.
You may be able to use this equity to refinance your current mortgage and receive cash at a low interest rate to pay off your credit card debt.
Not only will this reduce the number of payments you must make each month, but it can save you money by paying off high-interest credit cards.
Some of the most common methods of debt consolidation include: Refinancing Your Mortgage If you own your home, one way to consolidate debt is through something known as a cash-out refinance.
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If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.