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Benefits
- Consolidate debt into one payment.
- Reduce interest rates.
- Lower monthly payments.
- Get late fees waived.
- Elimination of collection calls.
- 24 / 7 account access.
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Learn about Debt Consolidation Loans.
Is a Loan the Type of Debt Help that You Need?
Debt Consolidation Loans work by providing you with a loan that usuallly pays off all of your other debts. Instead of paying multiple creditors every month, you would now pay one monthly loan payment. Unlike credit counseling services, there are no potential special repayment benefits to be secured to lower your payment beyond the APR.
Debt consolidation loans are typically available as unsecured debt and there are also debt consolidation loans that are secured with your home's equity. As with any borrowing situation, debt consolidation loans secured by your home equity carry risks. In the event you cannot make your loan payment and fall behind, your home is the collateral which makes it susceptible to foreclosure. If you take out a consolidation loan that is not secured by assets, the interest rate is likely to be much higher than a secured loan.
Be aware that when you are learning about debt help: debt consolidation loans, home equity loans, lines of credit and balance transfers to other credit cards can all be considered symbolic debt help. In essence, utilizing these options for managing debt just puts you between a rock and a hard place. They don’t actually fix your problem with debt; they only shift your debts to a new creditor.
‡ Please Note: Unsecured debt concerns any kind of bills that are not tied to your assets, such as unsecured loans, credit cardd, and any utility bills that may be owed. Home or auto loans are secured as the loan actually uses them as collateral.
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