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Debt Consolidation

Understanding Your Options

Debt consolidation is an increasingly common strategy that consumers are using to address high levels of credit card and other debt. Typically, consumers obtain a debt consolidation loan from a lending institution and use it to consolidate all outstanding debts into one loan. When you consolidate debt, you’re left with a single monthly payment, which is often at a lower interest rate. The result is that it’s easier to manage your outstanding debt so that you’ll be in a better position to pay it off.

When consolidating debt with a loan, borrowers have two primary options to consider: secured and unsecured debt consolidation loans. A secured loan uses some sort of property as collateral, such as your home. The collateral makes it more likely you’ll qualify for the debt consolidation loan and get it at a lower interest rate. However, if you become unable to repay the loan, your property could be at risk.

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