Different Ways to Get a Debt Consolidation Loan

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There isn’t just one way to consolidate your debt, and each different way has its own advantages and disadvantages.

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Here are various ways to get a debt consolidation loan and what’s unique about each of them.

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Refinance Your Mortgage

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Use a Balance Transfer Card

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Take Money Out of Retirement Savings

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Ask For a Loan From Your Friends/Family

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As always, make sure to do your own research before making any financial decisions. That being said, if you have lots of debt from various sources, make sure to check out debt consolidation.

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Swipe Up

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Different Ways to Get a Debt Consolidation Loan

There isn’t just one way to consolidate your debt, and each different way has its own advantages and disadvantages.

Here are various ways to get a debt consolidation loan and what’s unique about each of them.

Refinance Your Mortgage

If you have enough money in your home equity to pay off all your different sources of debt, then technically you’ve “consolidated” all your debt into your mortgage.

Use a Balance Transfer Card

If you have a good credit score, this could help you significantly reduce the amount of interest you’ll pay over the lifetime of your debt.

Take Money Out of Retirement Savings

When you pay off your debt, you are immediately “earning” the interest on it since you’d need to pay that interest had you not paid off your debt.

Ask For a Loan From Your Friends/Family

You can negotiate terms and use the money they loan you to pay off your existing debt.

As always, make sure to do your own research before making any financial decisions. That being said, if you have lots of debt from various sources, make sure to check out debt consolidation.

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