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There are several advantages to a debt consolidation home equity loan compared to other forms of borrowing. It is easier to get, comes at a lower interest rate, and has tax benefits that other loans don’t. It can help borrowers clear up outstanding bills and improve their credit rating, provided they use the money wisely and avoid the danger of “reloading.”

Reloading is a cycle of getting a debt consolidation loan to pay off bills and free up credit that is then use to make additional purchases. This spending spiral can result in homeowners owing more than their home is worth. The loan is no longer fully secured and if the borrower’s income goes down or the home’s market value plummets, the owner could face foreclosure or bankruptcy.

You can get a Debt Consolidation Loan Worksheet to help catalogue the costs and determine what you can afford; plus a no-risk loan quote at Simple-Mortgage-Refinancing. This is a quick and convenient way to see how much you could be qualified to borrow today.

objavio/la debt.com  # 03:53