Debt Consolidation Help - Options

When an individual or family's debt far exceeds their income and the amount of debt (including penalties, late fees and interest) continues to mount it is time to consider debt consolidation. There are several options available and are based upon the type of debt that has been amassed.

Types of Debt Consolidation

There are several different types of debt consolidation, for example there is one for regular debt, another for student loan debt each with a different set of rules.

There is debt consolidation that uses the equity in your home. Generally, there must be sufficient equity in the home, and only a first (no second) mortgage. One can then either take out a second mortgage or obtain a second mortgage to pay off debt. By consolidating the debt and making one payment the interest rate is lower.

There are companies that specialize in helping consumers consolidate their debt. They can assess the amount and type of debt and determine a course of appropriate action in each case. These companies oftentimes charge a monthly fee for their service which vary amongst these companies.

Credit cards can also be used to consolidate debt. You must have enough credit available on your credit card (they cannot be maxed out) to qualify for Zero APR cards. You can then transfer smaller balances to the Zero APR card which allows you time to pay the debt off without having to pay interest.

Any of these ways can help you consolidate and manage your debt and enable you to repay with ease what you owe and prevent it from escalating out of control. Contacting a debt counselor for other options and searching the internet for helpful information are also recommended. Additional information may be provided at a local public assistance office and the local libraries usually have helpful information that be borrowed and studied.

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