Today, more and more Americans are burdened with credit card and loan payments.So whether you are trying to improve your money management, having difficulty making ends meet, want to lower your monthly loan payments, or just can't seem to keep up with all of your credit card bills, you may be looking for a way to make debt repayment easier. Debt consolidation is when you roll all of your smaller individual loans into one large loan, usually with a longer term and a lower interest rate.
Consider these pros and cons: Pros A homeowner with good credit is likely to have better options that don’t risk the house.
A homeowner with shaky finances shouldn’t move unsecured debt that can be erased in bankruptcy to secured debt that can’t.
Use your loan or line of credit to pay off credit cards, student loans or a car loan.
You’ll consolidate debt and possibly get a lower interest rate.
Once you decide how to use your home’s equity, get started with our simple online application to begin financing your goals.