If you do not own a home, you still have several options for consolidating your debt.
If you have at least average credit and are faced with debt from several credit cards, you might benefit from credit card consolidation. This course of action usually is an alternative only if your credit cards have not been cancelled or charged off. Credit card consolidation is achieved by securing a new credit card with a lower interest rate and transferring the outstanding balances from your existing cards onto the new card. Many credit cards have introductory rates as low as 0 percent. You will have just one monthly bill and will save money on interest payments.
Another option for families who do not own homes is to approach their bank or credit union about a debt consolidation loan. Such loans are made for the expressed purpose of paying off existing debt, and usually are available at lower interest rates than personal loans for unspecified purposes. The better your credit, the more likely you are to qualify for a debt consolidation loan, but applying at your own bank or credit union with which you have a good relationship boosts your odds of approval.
The option that usually is best for people with more seriously constrained credit is to contact a debt consolidation company. Such companies specialize in managing, reducing, and ultimately eliminating debt for their clients. Reputable debt consolidation firms are staffed with trained professionals who will provide you with individualized attention, and who will help you to develop a plan for your financial situation.
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