What exactly is debt consolidation and what do I have to do

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.66 Dollars($)

Yeah I'd like to get a loan that I can add everything I owe into one monthly payment so it would be easier to manage my finances.

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi Wildstorm,

You can go for a Debt Consolidation loan. This type of loan will help you to combine all your debts into a single debt and repay them with a lower interest rate. Thus, it will also lower your monthly payments and it will be easier for you to manage the payments. To know more on debt consolidation loan, you may refer to http://www.mortgagefit.com/debt-consolidation.html

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.66 Dollars($)

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi Wildstorm,

Even if you go for any other type of of loan, the lender will look at the equity in your home. The equity is required as you will take the loan by keeping your home as collateral.

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