Types of Debt Consolidation Loans

What kind of consolidation loans are available and should you borrow to pay off your debts?

Debt consolidation loans allow you to borrow to refinance or restructure debt. The options you have to have to borrow money, and make one monthly payment until you are out of debt include refinancing your mortgage, getting a home equity loan or personal loan, etc.

What Do Debt Consolidation Loans Involve?

They involve applying for the loan, being approved, then revising your budget to remove the paid debts, and including payment for new loans. It is important for your financial future, that you don't incur any more debt while making consolidation loan payments. If you do, you could find yourself back in over your head, and on your way to bankruptcy.

Quick Tips For Debt Consolidation Loans

If you haven't already done the Debt Worksheet (available in our printable monthly budget form), do it now. Review your Debt Worksheet so you know how much you need to borrow, and what interest rates you are currently paying.

Do the Income Worksheet and Monthly Budget so you know how much of a payment you can afford.
There is no fee, or obligation, when you apply online for a consolidation loan, so you can shop around for the best rate, and payment terms, you can get.
Allow yourself some leeway in your budget when calculating payments on consolidation loans. This will help you to pay it off faster and save interest.

Compare Secured & Unsecured Debt Consolidation Loans

If you own a home, vacation property, or other real estate that can be used as collateral, you may qualify for a first or second mortgage, home equity loan, or refinance of an existing mortgage to consolidate your debt.

+ Rates on secured loans are lower
+ Ability to borrow more money
+ Smaller monthly payments
- Longer repayment terms
- Risk of losing house if unable to maintain payments

Unsecured Consolidation Loans

If you don't own real property, you may qualify for personal loans that can be used to consolidate debts.

+ Unsecured loan, you don't risk your assets
+ Shorter payment terms
- Higher monthly payments
- Higher interest rates

See what you can save. Apply to refinance your car loan.

Not sure you should borrow again? Click here to answer a few questions and you will receive a free, no obligation, customized Debt Relief recommendation to help in your decision to manage your debt.

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