You have several options to reduce your consumer debt. You can take the do-it-yourself approach by consolidating debts into a low rate loan. You can also find help through companies that management payments or negotiate debt elimination. Each option has pros and cons, and should be analyzed carefully before committing to a specific approach.
Do-It-Yourself Approach
Refinanced mortgages and home equity loans can help consolidate your short term debt into one easy payment while reducing your interest rates. Your interest is also tax deductible.
Consolidating loans can lengthen your payment period, increasing over all interest payments. There are also loan fees to consider, especially when refinancing your mortgage. Some home equity loans and lines of credit dont have opening fees in exchange for higher rates. Your credit score will also be affected having another open account.
Companies That Can Help
Companies can offer two different types of help for dealing with your consumer debt. Debt management companies handle payment for all your short term credit accounts. For a small monthly fee, they will pay your bills, negotiate lower interest rates,...
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