Debt is a problem for many Americans. Especially now in the holiday season. So, what will you do when the holidays are over, and your credit card debt is piling up?
How Can A Refinance Or HELOC Help You?
If you are a homeowner and your mortgage is in good standing, you can use the equity you have in your home to cover a debt consolidation loan.
What Is A Refinance?
Completing a refinance on your mortgage means you are taking out a new loan through a mortgage company and applying it to the old one to pay it off.
What Is A HELOC?
If you don’t want to go through a refinance process, this is a good option because you will still pay less interest than you pay on your other lines of credit combined.
A balance transfer is an opportunity provided by credit card companies. A balance transfer is an excellent option for a debt consolidation loan if you have high-interest revolving debt.
How Can A Personal Loan Help You?
These loans are helpful because there are options from online lenders that are willing to work with you even if you have a lot of debt to consolidate.