Consolidating 3

21-Dec-2020 20:27

In fact, most of them give homeowners as long as a decade to draw out the equity and then another 15 to 20 years to repay it after the draw period expires.This is a last resort means of debt consolidation, but if you're in dire straits, you might want to investigate borrowing against your 401(k), 401(b), or pension plan at a low interest rate.

Home equity lines of credit or HELOCs are similar to credit cards in that interest is only charged on the amount withdrawn.If you're in the red, repaying the money you owe as quickly as possible can save you big.The longer you carry a balance on credit cards and loans, the more interest you'll rack up on your debt — and the more you'll have to fork over when all is said and done.Most of these offers expire in 15 months or less, so use that time wisely to pay down your debt quickly.

(See our favorite credit cards for 0% balance transfers) In peer-to-peer lending, borrowers obtain a loan from individual lenders without going through a traditional financial institution.

Another last-ditch option is borrowing from your life insurance.