Pros and cons about consolidating credit cards speed dating sound track

To do this, many or all of the products featured here are from our partners. Because of these risks, Nerd Wallet recommends that you reserve home equity for emergencies.Consider these pros and cons: Pros A homeowner with good credit is likely to have better options that don’t risk the house.Advanced debt collection techniques and accounts receivable processes can be expensive, and fighting through a bankruptcy proceeding is unattractive to most lenders.The process is not usually completed after one round of communication; in fact, stretching out the debt settlement process is a common strategy to force a creditor's hand.Consolidation loans are offered through financial institutions, usually banks or credit unions, and all of your debt payments are made to the new lender.

Home equity loans are a type of second mortgage based on the value of your home beyond what you owe on your primary mortgage.

(For related reading, see "Negotiating a Debt Settlement.") Settled debt is gone – wiped clean.

However, with unsecured debts such as credit cards, you risk having your account closed completely after the settlement is complete because the lender will not want to continue to grant you credit.

A homeowner with shaky finances shouldn’t move unsecured debt that can be erased in bankruptcy to secured debt that can’t. That’s the maximum time you’d be required to make payments toward Chapter 13 bankruptcy or a debt management plan — after which your debt would be fully retired.

Chapter 7 bankruptcy would wipe out your debt immediately and get you on a path toward restoring your credit.

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