Debt consolidation: Loosely defined, it's the act of combining several loans or debts — usually credit card debt — into one low payment. This can offer two big economic advantages: Lower interest rates and greater simplicity. Both are goals to work toward, and both are decidedly achievable. But how?
Here's the short-term solution: Consider a debt consolidation loan. It can cut those numerous high-interest debts down to size into one low-interest loan with one fell swoop. But exactly who qualifies for a debt consolidation loan? Do you have to own a home or not? And what about equity...? There's a little confusion. Let's clear this up.
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