Bill consolidation loans can lower rates and help you pay of your debt faster. However, you want to be sure that you factor in the cost of fees, find low rates, and pick a short term loan. These tips will ensure that you dont end up spending more by consolidating.
Factor In Fees
Depending on the type of loan you choose, fees can vary from thousands to nothing. Refinancing a home mortgage and using the equity to pay off bills is appealing to many. But the thousands that it costs to refinance should be considered, especially if you arent getting a better rate on your mortgage.
Home equity loans and lines of credit can be used with little or no fees. Their rates are higher, but for smaller amounts they can still be cheaper. Personal loans are also an option since they still beat high interest credit cards.
Make Rates Pay
Before consolidating your bills, make sure that your loan rate will be lower that what you are currently paying. This might mean that you dont consolidate all your loans. For example, student loans often have the lowest rates possible, better than a mortgage rate.
If you can only consolidate part of your debt, pay off the...
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