Credit consolidating

If you’re facing bankruptcy, credit card debt is unsecured and typically discharged more easily than a home equity loan. Unsecured debt consolidation loans don’t require collateral, and they usually have easier approval requirements than secured debt consolidation loans.Unsecured debt consolidation loans can have income requirements as low as ,000 annually, debt-to-income ratios of up to 50 percent and minimum FICO credit scores as low as 600.Home equity debt consolidation loans, a type of secured debt consolidation loan, offer a fixed interest rate.Interest paid on a home equity loan is usually tax deductible, while credit card interest is not.

Unsecured loans are more common, but you can use a secured loan for unsecured debt, such as a home equity loan used for credit card debt consolidation. Secured debt consolidation loans are typically available at brick-and-mortar financial institutions, including banks and credit unions.

Unsecured debt consolidation loans are offered online through banks and marketplace lenders.

This makes applying for a loan convenient, and some providers offer instant approval online, so you can find out right away if a loan is going to work for you.

For the length of the introductory period, you can make payments to reduce your balance without accruing interest. To avoid missed payments, penalties or default, you’ll need to create a budget that allows you to make payments on your debt consolidation loan.

Assess your current debt total by listing out your debts, including credit cards, student loans, car loans and any other accounts.

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