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A good rule of thumb is: debt consolidation is not a good option if your debt is more than 50 percent of your income.It is also not a fit if you do not have a consistent source of income that more than covers your monthly payment.The chart below, taken from the NY Federal Reserve’s Regional Household Credit Snapshot shows the percent of consumers that have five different types of loans, as well as the average balance for those who do have loans.Remember, this does not include other bills and debt, such as medical debt.Finally, bad credit can keep you from getting a good interest rate, which negates the main purpose of a debt consolidation loan.
Is your debt helping you increase your overall financial well-being?With this method you can get out of debt quicker, protect and build your credit, and reduce your overall financial costs.Cash-Out Mortgage or Home Equity Loan (HEL): If you have extra equity in your home and you want to reduce your monthly payments, then you can consolidate your debt by taking a cash-out refinance, or a Home Equity Loan.There is no one-size-fits-all approach to consolidating debt.However, there are some very important steps to take to find the best debt consolidation tactic.
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Click here to view the best debt consolidation loans for 2018 By using debt consolidation loans, you can save considerably — sometimes up to 40 percent of the total debt.