Always Follow Good Debt Consolidation Moves

Today, so many debt consolidation firms have sprung up with each boasting the best debt management program to help resolve your debt problem. It has become more confusing and hard to know which plan is going to benefit you the most.

Some of the good debt consolidation moves to follow are:

a) Go for a home equity loan

A fairly low interest rate is a big advantage of a home equity loan. Whatever interest you pay is tax-deductible.

b) A ”cash-out" refinancing.

Another alternative is to refinance your property for greater than the amount you owe. Use the extra cash to pay off debt. Plus you get very low interest rates this way.

c) Refinance your car

This is a secured loan and you can borrow against it. But there lies a risk of running out of car before you run out of debt.

d) A personal loan.

You may qualify for an unsecured loan if you have reasonably unblemished credit with lower rates than banks.

e) Negotiate

You can do this easily and comfortably for yourself. Many credit-card companies provide customer service people who have the authority to reduce rates right there on the phone.