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Debt consolidation is the act of combining several loans or debts, usually credit card loans, into a single payment. The expected results are convenience and lower interest rates. This can be done through the following:

1. Balance transfer to a zero-percent credit card
2. Home equity loan
3. Debt-consolidation loan

Balance transfers are usually teasers or enticements for you to switch credit card vendors. Make sure you know when the zero interest rate will end. It usually lasts for 6-12 months. One late payment could jack up the rate of your new card.

The home equity loan is the money you borrow using your home as collateral. You receive the loan to pay off your debts. If you default on the loan, you could lose your home. The result could a heavier burden on you.

A debt consolidation loan is a loan that you take out to pay off all your other loans. Then you just make monthly payments on that consolidation loan.

Debt-ridden consumers find the above alternatives attractive because of the ease and convenience that they offer. Instead of paying several different creditors who are charging different rates at different due dates of each month, you take out one big loan and pay off all those debts.

Be sure that the costs of the new, bundled loan will be less than the combined loan payments you are already paying your various creditors. Calculate the interests and fees on all your existing accounts then compare those amounts with the amount you will be spending on your new consolidation loan. Calculate your monthly payments for your consolidation loan. Is the payment less than what you are already paying each month?

Once you’ve gotten over paying your debts, make a conscious effort to change your spending and credit habits so you can work toward a debt-free life.