Consolidating credit card debt into line of credit


10-May-2016 20:06

consolidating credit card debt into line of credit-58

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If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

That's where debt consolidation and other financial options come in.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc.

— into one bill and paying all of them with a single loan.

Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.

These are not quick fixes, but rather long-term financial strategies to help you get out of debt.

When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.

You could get a home equity line of credit, a home equity loan or a second mortgage on your home, or refinance your existing mortgage.

Other options include borrowing against a whole life insurance policy and borrowing against you retirement savings.

The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.

You also could look at a personal loan to pay off your balances.