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Debt Consolidation Without a Home Loan

Debt consolidation shouldn't be the first step you take when you wind up in financial trouble; it ought to be one of the last, followed only by declaring bankruptcy. While consolidating debt is advertised as a simple solution to problem debt, it carries troubles of its own, including the temptation to spend again after your credit card balances are eliminated.

Debt consolidation can be tough, particularly if you don't have a house. The easiest way to combine existing debts is to apply for a home equity loan. Equity loans are affordable when compared with other kinds of financing, and the interest is tax deductible. If you don't have a home, how can you borrow money?

If you don't own a home, you can still obtain financing to combine your debts into one manageable one. There are several choices available:

A credit card loan - It's possible to borrow from a credit card, if you have to. A number of credit card companies offer short-term, low-interest loans for transfers if you open a new credit card account and move an existing balance over from another card. This can be problematic; failing to consider the fine print by paying late could cause your interest rate to go up, which will make a bad situation worse.

An unsecured personal loan - Not possible for quite a few debtors, but you might be able to get an unsecured loan from a bank, particularly if you can find a relative or friend who is willing to cosign the loan. Keep in mind that if you fail to pay, your cosigner will be held responsible for repaying your debt. You don't want to lose friendships over a loan.

Debt consolidation agency - There are organizations who can assist you with your financial problems. Debt consolidation agencies can help you create a management plan that will allow you to pay down your obligations. They can also negotiate with your creditors to possibly reduce fees and lower interest. Consolidation companies are often profit-seeking services; you will have to pay them a fee to use them. On the other hand, it may be your only way out of trouble if you cannot find other sources of funding.

Fixing financial trouble can be a tough chore. There are quite a few ways to do it, and it is possible to do so even if you do not own a house. It just takes patience and diligence.

?Copyright 2007 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing , a firm devoted to affiliate marketing, and Debt-Stopper.com, a site about debt consolidation and credit reports, personal bankruptcy and other financial matters.

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