If you feel like youre drowning in debt, youre not alone. According to Experians State of Credit report, the average household has $24,706 in non-mortgage debt. That means things credit cards, medical bills or car loans. With such a heavy debt load and high interest rates, digging yourself out from that debt can be challenging.
Thats where debt consolidation can be a big help. And, if you own a home, tapping into your home equity instead of taking out a debt consolidation loan can be a smart choice. Learn more about how debt consolidation works and how to decide if its right for you.
What is debt consolidation?
Traditionally with debt consolidation loans, you work with a bank or other financial institution …
Read the full article at: https://www.bankrate.com/mortgages/home-equity/use-home-equity-to-consolidate-debt/