Five Ways to consolidate debts by yourself

When you’re unable to make your monthly bill payments on time and wish to get rid of them, you can opt for consolidation. There are various ways by which you can do this. So, when you’re concerned with “How do I consolidate my debts?” , you must find out about the different consolidation options. Some of the ways you can consolidate bills are:
1. Obtain an unsecured loan: You can consider obtaining an unsecured debt consolidation loan offering a lower rate of interest than the combined interest on your existing debts. You can clear your outstanding bill payments with this loan and have to make a single reduced monthly payment towards it. However, lenders may not offer you this loan if you have a poor credit score.
2. Take out a home equity loan: You can also take out a home equity loan. The rate of interest on this type of loan is quite low. Moreover, the interest you pay is also tax deductible. But one of the greatest disadvantage of obtaining it is that you may lose your house if you default on it.

3. Opt for cash-out refinance: If you have a mortgage, you can consider refinancing it with a larger loan and pay off your mortgage as well as unsecured debts.

4. Borrow from your insurance: You can also borrow against the cash value of your life insurance policy to get rid of bills. However, if you don’t repay the amount borrowed, the beneficiary will get paid less as the death benefit will be used to cover this loan.
5. Opt for balance transfer: If you have credit card debts and thinking of “How do I consolidate my debts?”, you can go for balance transfer. When you move balances from your high-interest cards to a card at a low interest rate, you can pay off your debts faster. You’ll have to make monthly payments only towards the card onto which you have moved your balances.
When you’re going for consolidation, you must weigh the benefits and drawbacks of each of the consolidation options and go for the one that suits you the best.

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