Consolidating debt on

With a home equity loan, the lender advances you the total loan amount upfront, while a home equity credit line provides a source of funds that you can draw on as needed.But keep in mind, these are secured loans that require you to put up your home as collateral.This includes collection agencies, lawyers who collect debts as part of their business, and companies that buy delinquent debts and then try to collect them.

You may be able to lower your cost of credit by consolidating your debt through a home equity loan or home equity line of credit.

Consolidation means that your various debts, such as credit card bills or loan payments, are rolled into one monthly payment.

If you have multiple credit card accounts or loans, debt consolidation through a credit counseling service can help simplify or lower your payments.

You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.

To find out if you qualify, contact your local Armed Forces Legal Assistance office.

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