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Debt Consolidation

You take out one loan to pay off all your debt. This loan may carry a lower interest rate than your debts. You make fixed monthly payments on the loan until it is paid off.

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Debt Consolidation Loans

A debt consolidation loan is a viable option for a consumer who has a low debt to income ratio, high credit score, and sufficient income.

If the bank is willing to give you a loan with a low-interest rate – in this case, debt consolidation is an excellent option.

If you can replace bad debt with good debt – go for it! Debt consolidation loans can pay off everything from your car payment to credit card debt.

Unfortunately; most of the alternative lenders (outside of bank loans) – charge high fees and interest rates. A debt consolidation loan should be used to save money, not rack on more debt and costs.

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What about a home equity line of credit over a debt consolidation loan?

If you own a home and have sufficient equity in it, getting a home equity line of credit will be a better option in many cases, over getting your typical “bank loan”. It is common; to get a home equity line of credit where your interest rate could be below 6%. Having good credit and owning a home, is required to get a home equity line of credit.

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If you cannot get a low-interest bank loan or home equity loan, what other debt consolidation options do you have?

If your goal is to become debt-free; consumer credit counseling, debt validation or debt settlement may be a better option for you, over debt consolidation.

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Enrollment Advisors Group does not provide debt relief services. Enrollment Advisors Group matches consumers with debt relief companies in our network. By submitting your information you agree to be contacted by our partner debt relief providers via phone and / or email. Enrollment Advisors Group does not broker loans and does not make and/or fund any product offerings, loans, or credit decisions. This web site and the content within do not constitute an offer or solicitation to lend. This web site will securely submit the information you provide to a lender. Providing your information on this web site does not guarantee approval for a product offering.

Debt settlement is a negotiation process and therefore it is not possible to predict exact savings. Anyone considering bankruptcy should contact a bankruptcy attorney. The use of debt relief services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest.

The trademarks included on this page are property of their respective owners, who have offered no endorsement of this service.

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