Debt consolidating

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Whether consolidating your debt is a good idea depends on both your personal financial situation and on the type of debt consolidation being considered.Consolidating debt with a loan could reduce your monthly payments and provide near term relief, but a lengthier term could mean paying more in total interest.When people mention debt consolidation, they are usually referring to one of two different methods.The first is the kind you describe, where you apply for a personal loan, preferably one with a relatively low interest rate, and then use the money from that loan to pay off all your credit card balances at once.It all depends on the person and the type of debt they’ve accrued.A good rule of thumb is: debt consolidation is not a good option if your debt is more than 50 percent of your income.

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It can also make it less likely that you will fall behind on your payments and risk harming your credit.Then you can focus on repaying that personal loan, which requires just one monthly payment and, ideally, has a lower interest rate than what you were paying across multiple debts (it may not have a lower rate, but it’s in your best interest to find the lowest one you can).The specifics of how debt consolidation works will vary by the type of debt you have and the method you choose.A home equity loan gives the borrower access to home equity in cash, which can be used to pay off other debts.A home equity loan does not replace the existing mortgage as a cash-out refinance does, but it is another loan in addition to the existing mortgage.

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