Title: How to consolidate credit card debt | Lexington Law
Headings: How to consolidate credit card debt
How to consolidate credit card debt
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How does debt consolidation work?
4 ways to consolidate credit card debt
1. Get help from non-profit credit counseling
2. Use a 0% balance transfer card
3. Take out a personal consolidation loan
4. Take out a home equity loan
Benefits of using home equity
Drawbacks of using home equity
How to consolidate credit card debt with bad credit
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Apply for a personal loan
Consider a debt management plan
Hire a credit repair service
File for bankruptcy
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Content: Repayment progress: though a consolidation loan streamlines monthly payments, it creates a new account that must also be paid back in full. 4. Take out a home equity loan
If you are prepared to pay off credit card debt quickly and avoid future debt, using home equity may be a good option for consolidating debt. This method of debt consolidation involves borrowing against the value of equity in a home. Equity is the difference between your home’s appraisal value and the value of your mortgage. For example, a home valued at $300,000 with $150,000 in mortgage has $150,000 in equity. Depending on the lender, up to 85 percent of a home’s equity may be borrowed at one time and can be used as a debt consolidation strategy. In this case, you could receive a home equity loan up to $127,500 to pay off debt. This method of consolidation offers several benefits that may make it more attractive than personal consolidation loans or balance transfer cards.