Debt Consolidation:
Your goal in debt consolidation is to lower your overall costs. To accomplish this, you must get the lowest interest rate possible. You also need a plan to pay off your debts in 3 to 5 years. It will not be instant. Remember, you did not get here overnight so plan on a realistic time frame.
If you have a good credit rating, you may qualify for a low interest credit card as discussed in the credit card debt section. When shopping for a new credit card, be careful not to apply to more than a couple because they will do a credit check and if too many credit checks shows up on your credit report, it will hurt your overall score. Once you get the new care, transfer balances from the high interest card to the new low interest card. Destroy the old cards so you wont be tempted to use them. Close the accounts as soon as they are completely paid off.
A home equity loan is another way to consolidate credit. If you won your home and have some equity, you may qualify for a home equity loan. Talk with your mortgage company as there are several types of home equity loans. They may offer a loan for a fixed amount for a fixed time at a fixed...
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