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| Credit Answers > Debt Solutions > Debt Consolidation |
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What is Debt Consolidation
Debt consolidation is basically taking out one loan to pay off your other debts. Debt consolidation more times than not does not relieve you of your debt obligations.
Why Not Take A Debt Consolidation Loan?
Borrowing money to pay off borrowed money doesn't add up. A debt consolidation loan works the same way. Essentially, a lending institution will provide a homeowner with a home
equity loan that will help "consolidate" his or her outstanding debts into one monthly payment. The homeowner can benefit from a lower overall interest rate and tax break;
however, many consumers' financial situations worsen at this time, causing them to unfortunately lose their home.
If you don't own a home with enough equity this may not be an option at all, or if you have less than perfect credit your rate for this type of loan may be similar to your current
credit card rates.
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For a free consultation call 1-800-297-6417 or start by filling in the form below and one of our specialists will contact you. We are here to help you 24 hours a day.
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