With regular debt, you have several means of debt consolidation to choose from. On the other hand, if you are looking to consolidate student loans, the debt consolidation rules are a little different.

One debit consolidation option allows you to use your home as collateral. In this debt consolidation option, you must have a mortgage taken out on your home. You will need enough equity in your home to use for debt consolidation, and already having a second mortgage will not make that possible.

If you meet the criteria, taking out a second mortgage on your home, or a home equity loan, is one good way to pay off your debts. Another advantage is that youíll only be making one payment per month at a lower interest rather than several at higher interest rates.

Putting all your credit card balances on one credit card is another form of debt consolidation. You may be able to put all the balances on a zero percent APR credit card, if you have a good enough credit score to qualify. With this option, you are essentially buying some time to pay off your debt  and with the debt on the zero APR card, you won’t be incurring further interest charges.

You might also try to get help from a company that specializes in debt consolidation. Debt consolidation companies have lists of requirements, so seek out one that suits you well. You may have to pay monthly fees or other charges for these companies services.

You can consolidate your debts with any of these three options and have a lower monthly payment. It pays to act before your debt situation becomes unmanageable.

There are other debt consolidation options available if none of these sound right for your situation. Do some research on the phone or online and find a credit counselor who can help you find other good options. You can also check the local library for resources. These can provide you with plenty of leads or even help you get started, if you’ve just begun searching.

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The fact is people with bad spending habits tend to attract each other. Unless you are someone with bad spending habits, you probably wonít need a non profit debt consolidation program. If you do find yourself needing a non profit debt consolidation program, you can use these tips to help you find a good one.

Staying Away from the Bad Debt Consolidation Programs

There are many long standing “finance companies” that do nothing but non profit credit card consolidation services and debt relief work. They look at your debts with you, help you determine which should be or can be paid off, and then they send the money to those creditors. Then, you are required to pay this company back.

It sounds like a pretty easy fix, but it can hurt your credit score. Unless you already have a low credit score, you may want to pursue other options. You may find a better option for your situation. Youíll definitely want to look elsewhere if you are looking at paying off credit cards that charge you 20% interest with a loan that charges you 25% interest. You get lower payments, but you may end up paying them back for 10 to 15 years at a vastly bigger total sum. If you can avoid a non profit debt consolidation program like this, by all means do so.

Identifying the Good Guys

Start looking for a non profit debt consolidation program at your local credit union, bank, or other financial institution. Especially if your credit rating is good or you have good collateral, your bank or credit union should be interested to help you out. After all, you are their customer, and they want to help you find ways to deposit more of your money with them. In this situation, both sides get something out of the relationship, so this is a good place to start. Local lending institutions will know you and care about your overall wellbeing. You arenít going to find that in a larger company who doesnít know you.

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