All the information you need to make an educated decision
Debt Consolidation Loan
Get a loan. While this may sound easy, it actually can be one the hardest ways to consolidate. However, a debt consolidation loan also will be the best option for your credit in the long run. A debt consolidation loan usually will have a lower interest rate than your credit cards. If you owe more than your current unsecured high credit rating (the highest amount you have borrowed from a lending institution without offering collateral), you probably will have to offer something up as collateral to receive a debt consolidation loan. Most likely, the bank will want something of considerable value with a title or deed that can be held until you repay your debt. People commonly refinance their homes or get second mortgages, and use the equity in their home as that collateral.
The greatest benefits of this type of debt consolidation are the ability to spread loan payments over a long period of time, and possibly to deduct the interest you pay from your taxes. Debt consolidation loans will have the least impact on your credit and possibly the lowest payments, but they also will take the longest time and save you the least amount of money of all options. There's no reason to wait to consolidate credit card debt into a more manageable debt consolidation loan. Let DebtHelp.com help you find your debt solution.