The time to buy is now, but you can still reduce your debt if you don’t currently own a home.Here are your options: A personal loan could help you consolidate your debt into one low monthly payment and save.First, you may be able to get a lower interest rate on your consolidation loan than you were paying on your various other debts.With interest rates on credit cards often ranging from 12-18 percent, that can produce a real savings.
The couple had refinanced six years before, but when mortgage rates dropped to historic lows in May, they saw an opportunity to eliminate their credit card debt by refinancing their home and rolling ,000 of credit card debt into the loan.A debt consolidation loan can cut those numerous high-interest debts down to size into one low-interest loan. Home equity loans are commonly used for debt consolidation. Managing your debt is not as difficult as you may think. As a homeowner, there are several different options available to you. Is it near or higher than today’s cash-out refinance rates?Credit cards can carry a much higher interest rate than a Debt Consolidation loan and take a longer time to payoff.A debt consolidation loan has a short fixed number of years and your debt will be paid in full when the loan is completed.