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Debt Consolidation &
Debt Counseling
Choosing who to pay each month and writing all those checks can be a nuisance or even a problem. Sometimes people choose to consolidate all or some of their debts into a single loan or debt. Often this is done to reduce interest, level out payments and other reasons including tax benefits. Sometimes its used as a technique to pay off old debts and even improve your credit rating. This is called debt consolidation or loan consolidation and can offer many benefits and some risks depending on your situation and needs. Traditionally loan companies offer this service. Its made somewhat easier on the internet as you can apply once and get multiple offers. If you own your own home you can get a home equity loan and (1) save on interest (2) the interest may be tax deductible. Unsecured consolidation loans are available, (usually for higher interest) but your new loan often will need to be secured by your car, house or whatever collateral you have to offer. Some of your loans may be older and have high interest rates. Others may be credit cards with very high interest rates. Some companies offer debt counseling with or without debt consolidation services. As in any financial transaction, always check out the legitimacy of the company you choose to deal with. Also you may wish to review these Consumer Protection articles from the U.S. Government and get legal counseling
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