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If you own a home, you may be able to borrow against your home with a home equity loan or a home equity line of credit (HELOC).A home equity loan comes as a lump sum with a fixed interest rate, while a HELOC works more like a credit card with a variable interest rate and certain credit limit.If you are feeling overwhelmed by the burden of debt from multiple credit cards or are having difficulty keeping track of numerous payments, debt consolidation might be the right way to go.When you consolidate credit card debt, you roll the balances from several accounts into one loan so that you only have to make one monthly payment—ideally, at an interest rate that saves you money overall.
Start by visiting a credit union—they almost always offer the lowest rates (and federal credit unions can't charge more than 18%).
You may also have to pay a small service or monthly fee.
Some agencies may also require you to actually close the credit accounts that you are consolidating, which could hurt your credit scores. To find a reputable credit counseling agency, make sure it is accredited by the National Foundation for Credit Counseling.
If there are any inaccuracies or errors, they could disqualify you from certain types of offers, so you'll want to make sure everything is in good shape before you apply.
As you're evaluating them, confirm that they will actually save you money once you factor in any transfer or origination fees.