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However, these cash advances can also get you into trouble, because they usually reset to a fairly high rate once the no-interest period expires - often 16 to 18 percent.They also typically charge an up-front fee of several percent of the amount borrowed, so you need to take that into account as well. One of the best, and most popular ways to consolidate your debt is through a home equity loan.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.It's also possible that the interest rate on such a loan won't be lower than what you're already paying - in which case any reduction in your monthly payments would have to come from arranging a longer repayment schedule than you have with your current creditors.
What you can't roll into a consolidation loan are ongoing bills and debts - the type where you incur new charges every month, such as gas, electric, cable TV, Internet, phone service, rent and the like.
To qualify, you'll have to have fairly decent credit - mid-600s or above, perhaps 700 for some lenders - and a fair amount of equity in your home.
Lenders will likely want you to still have at least 10-20 percent equity after taking out the loan.
There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.
What types of debts can be covered by a debt consolidation?