Debt consolidating personal loan
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances.Some of these debt consolidation companies are legitimate; according to the Consumer Financial Protection Bureau, however, others are incredibly risky.That’s because some may be debt settlement companies that convince you to stop paying your debts and “instead pay into a special account,” the CFPB warns.If you’ve built up some equity and interest rates seem favorable, it may make sense to refinance your home and use the additional cash you can borrow to pay off more expensive debts.Or you might be better off taking out a home equity line of credit (HELOC) or a fixed-rate home equity loan.For example, you can use money from your IRA interest-free for 60 days.
The interest rates on these loans tend to be low — or even interest-free.
One of the easiest ways to consolidate your credit card debts is to call your current card issuers and ask for a better deal.
If the representative seems unwilling, we recommend asking to speak with a supervisor.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Other debt such as personal loans and auto loans are also a relatively common occurrence and can also be considered when consolidating your debt.