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Tip of the Day Be Cautious of Home Equity Loans

Be Cautious of Home Equity Loans - You have worked hard to buy your home and keep the payments up, but sometimes we get in over our heads or due...

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Are Debt Consolidation Loans A Good Idea

Are you looking for an answer to your debt issues?  There are times where you want all of your debts to go away, but you’re unsure if the answer is another line of credit.  You might even be asking are debt consolidation loans a good idea?  There are a couple of ways to answer this question.  The first is what situation are you in right now?  If you are in a situation where your debts are comfortable but you wish to pay the debts off you might consider looking at a loan.  A loan can consolidate your debts into one making the payments easier, but you have to consider the type of loan.  Are consolidation loans a good idea- will you be getting a secured or unsecured loan?

If you can obtain a secured loan through a home equity or refinanced mortgage as a consolidation loan the answer is yes to the question are consolidation loans a good idea.  A secured loan has a significantly lower interest rate than an unsecured line of credit.  The downside is that you may not be able to obtain the secured loan if you have already pulled out the equity in your home or have less than stellar credit.  If your credit scores are low the answer could be no to are consolidation loans a good idea. 

This is where you have to really consider the situation you are in.  An unsecured loan can be just as much as your interest rates on your other debts.  In one loan you may have 18 percent interest.  Of course if you have five debts at 18 percent you are saving with one loan.  In this case the unsecured loan would still be a good idea unless the terms are not favorable.  It may be they want payments too much per month.  Only you can answer are consolidation loans a good idea because the interest rate is not the only consideration you have to make.  You need to also make sure the monthly payment will work for you.  If not it could make your situation worse. 

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