Start Debt consolidating home equity loans

Debt consolidating home equity loans

Because of the nature of “revolving” credit card debt, which accumulates on a daily basis, many consumers find themselves feeling hopeless, fearing that they will never get their debts down to a manageable level.

This debt management article informs you to use caution when considering home equity debt consolidation loans.

Consumer debt, defined as debt not secured by real estate, is at an all-time high in this country, and it’s a troubling sign because there appears to be no end in sight.

"Cash advances are very costly, high-risk items," says Harrine Freeman, author, speaker, columnist and CEO of Freeman Enterprises, a credit repair and financial counseling service.

While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Wednesday, April 20, 2016 The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities. We all have different financial circumstances, priorities, and goals, and what’s right for one person – or even what’s right for most people – may not be right for you.

So, for example, if you owe $300,000 on a home valued at $500,000, a home equity loan enables you to borrow against that $200,000 in equity.

Home equity loans are fixed-rate installment loans, meaning they’re repaid in equal monthly payments over a fixed period of time – usually in the neighborhood of 15 years.

3) Confusion because of too many bills Another common obstacle to getting out of debt is when the sheer number of bills you receive makes it hard to even keep track of which payment is due on which date. While there are some real benefits to debt consolidation, it’s extremely important that you do your homework and understand there’s a wide range of options when it comes to debt consolidation loans – some are good, some are bad, and some are downright predatory.