Best debt consolidating
Whether you’re struggling to make ends meet or just want to use your money more wisely, debt consolidation may be for you.Debt consolidation helps to eliminate multiple monthly payments to different creditors and replace it with a single payment.While you might think of personal loans being used for things like pools, weddings, and vacations, debt consolidation is actually one of the most common uses for this type of loan.
Because it is a type of personal loan, a debt consolidation loan is paid off in installments over a set period of time.
Most people turn to debt consolidation when they need to consolidate credit card debt.
That’s because when you’re paying off huge credit card balances most of your payment is just being applied to interest.
Secured loans for debt consolidation such as second mortgages or a Home Equity Line of Credit (HELOC) have even lower interest rates than personal loans.
However, there does come the risk of putting up your home as collateral.