One obvious option is a Debt Consolidation Loan.  You ask, what is that?  Well, it is a loan that will consolidate your debt into one low rate with one payment, eliminating many monthly bills.  Sounds like a good option, doesn’t it.  Well, how would one get started on this?

There are many financial companies out there that offer a debt consolidation loan as we do.  I invite you to look around, shop, and see what your best options are.  The things you need to consider are:

•    Credit Score
•    Job Stability
•    Yearly Wage
•    All your Finances

Talk to your loan officer.  Just because you are talking does not obligate you to anything.  Be aware that giving your social security number out is giving them permission to run your credit.  Don’t let anyone run your credit for a debt consolidation loan until you are ready to proceed.

Some people are not aware that every time your credit scores are pulled it lowers your credit rating.  The better your score the better your interest rate options will be.  Getting the best interest rate is the point of a debt consolidation loan.  This and this alone will allow you to put all your loans into one and get them paid off.  Once again, giving you one low monthly payment.

Think of all the credit cards that can be paid off, or a car or student loan.  However, do keep in mind you do need to have some equity in your home to take out a debt consolidation loan.  What you’re doing is adding your mortgage(s), credit cards, student loans, and/or car loans all into one, so the equity you have in your home is very important