If you have equity in your home, you can consider borrowing against the equity in your home to consolidate debt.
The benefit of this option is that home equity loans tend to have lower interest rates. The downside is that this type of loan uses your home as collateral — so if you fail to pay it back, you could lose your home. Instead of keeping up with multiple payments that have different due dates, you only have to make one monthly payment.You can also receive a temporary 0% APR with a balance transfer card. This will lower the amount you pay in interest over time and could speed up your debt repayment.
This may also be a good option if you’re looking to lower your APR with a debt consolidation loan or balance transfer credit card. If your goal is to pay off your debt faster, temporarily getting rid of interest or lowering your rate could help. Debt consolidation isn’t a good option, however, if it won’t really save you any money or simplify your debt situation — or if it merely keeps you in a debt cycle trap. Consider prequalifying with different debt consolidation lenders to find out if you could potentially save money — prequalifying online is simple and won’t affect your credit.
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