- 1). Move your high interest credit cards. Check the interest rates on your existing credit cards, and then apply for another credit card to see if you can get a better rate. If so, move or transfer the balance from your higher interest cards to the card with the lower rate.
- 2). Take advantage of lower rate home equity loans. A high credit rating (700+) can qualify you for a low interest rate home equity loan, and you can use money from the loan to consolidate or merge your outstanding debts. Check with a mortgage broker to compare rates on an equity loan or line of credit.
- 3). Get a secured debt consolidation loan. Take personal property like your car and use it as collateral for a low-rate debt consolidation loan. Apply with your personal bank and then compare the quote with one or two other institutions to get the best interest rate.
- 4). Use debt counseling to merge your debts. Services can help you consolidate your debts and get a better interest rate. Nonprofit debt/credit counseling agencies offer education, debt management services and negotiating tactics to help you repay your debts sooner.
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