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Consolidating Your Debt

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The real secret to consolidating your debt

Are your monthly payments seeming to be a mountain that you'll never cross?

Carl Walins, a noted financial advisor and business analyst agrees that there is no one "best" way to consolidate your debt.

"People wondering how to consolidate debt probably think of a consolidation loan first, but in reality there are a number of ways that you can consolidate your debt," Walins says. "For instance, one effective way to lump your loans together and lower your monthly payments and interest is to work with a credit counseling agency. In most cases, these agencies can work with your creditors to lower your interest and payments, while preserving your credit score and without the need to extend yourself with another loan".

Other options of debt consolidation include:

- transferring high credit card debt to lower interest credit cards

"In many cases, that low rate is just a teaser to get your business and after the promotional period ends, your interest rate can skyrocket," Walins warns. "Beware of the fine print in the credit card agreement, and make sure you know exactly when the promotional rate ends".

- Getting a new loan or new financing

So if you want to know how to consolidate debt and you think a new loan might be the best way for you, how can you make sure that you won't be gouged? Walins tells us to consider using equity in your home before taking on an unsecured loan.

"In many cases you'll find that when considering how to consolidate debt, a home equity loan will provide a lower interest rate than an unsecured loan, since the lender is exposing themselves to less risk," Walins states.

"Compare the rates of a home equity loan to a signature loan from the same lender before you decide which would be best for you. I would wager that in most cases, the home equity loan will be the cheaper loan overall".

In the end, Walins says that when advising others on how to consolidate debt, his best advice is to ask for help if you don't understand the many consolidation options available to you.

More Resources

  • Living On A Dime - Financial Independence Through Better Life Choices. Publisher Of E-books About Paying Off Debt, Saving Money, Frugal Cooking And Homemaking.
  • Everything You Know Is Wrong! About Being Debt Free That Is!! And It Will Keep You In Debt The Rest Of Your Life!
  • CREDIT SECRETS BIBLE™ - If You Can Read And Write at the 5th Grade Level Then YOU Can Discover The Secrets To Raise Your Credit Score up to 249 Points In 90 Days... So You Can Start Being APPROVED For The CAR, HOME, Business Loans, and CREDIT CARDS You Deserve!