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It's also possible that the interest rate on such a loan won't be lower than what you're already paying - in which case any reduction in your monthly payments would have to come from arranging a longer repayment schedule than you have with your current creditors.Another option would be to obtain a cash advance through one of your credit cards.As you may know, many credit card lenders freely offer these to their customers with good credit, in the form of blank checks the borrower is invited to use as they wish.What's attractive about these cash advances is that they often offer 0 percent interest for a limited time, often 9 to 18 months, so they can be useful if you're able to pay off the whole debt that quickly.However, these cash advances can also get you into trouble, because they usually reset to a fairly high rate once the no-interest period expires - often 16 to 18 percent.

What types of debts can be covered by a debt consolidation?Because it's a secured loan, you can get a better interest rate than you generally can on a personal loan or other unsecured loan.And because it's a type of mortgage, you may be able to deduct the interest payments on your federal tax return.To qualify, you'll have to have fairly decent credit - mid-600s or above, perhaps 700 for some lenders - and a fair amount of equity in your home.Lenders will likely want you to still have at least 10-20 percent equity after taking out the loan.Consolidating debt with a home equity loan could be a good option. You may have high interest credit cards, loans and mortgages. This is the practice of rolling all your debts into a single, monthly bill. 2014)When monthly bills get out of hand, debtors frequently look to debt consolidation.This makes them useful for situations where you need money for periodic expenditures, such as home improvement projects, but there's nothing to stop you from simply making a one-time draw to consolidate your debts.There are a couple reasons you might opt for a HELOC debt-consolidation loan rather than a standard home equity loan.Home equity loans come in two major types a standard home equity loan and a home equity line of credit (HELOC).The standard home equity loan is the most commonly used for debt consolidation because you borrow a single lump sum of cash, whatever you need to pay off your debts, and then pay it off over a period of years at a fixed interest rate.


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