Debt Consolidation

If you own a home with equity, you may be eligible for a home equity line of credit (HELOC). A HELOC allows you to borrow against the equity in your home and use the funds to pay off high-interest debts.

You can take out a new loan, such as a personal loan or a home equity loan, to pay off your existing debts. This allows you to consolidate multiple debts into one monthly payment under one umbrella, often with a lower interest rate than your current debts.

Instead of managing multiple payments to different creditors, you’ll only have to make one monthly payment towards your consolidated loan. Be mindful of your ability to make consistent payments on the new loan to avoid further financial strain.

With a fixed-rate loan, you’ll know exactly how much you need to pay each month, making it easier to budget and plan your finances.

By consolidating your debts and securing a lower interest rate, you may save money on interest charges over the life of the loan.

If you qualify for a loan with a lower interest rate than your current debts, you can potentially reduce the overall cost of borrowing and pay off your debt more efficiently.