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WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Break costs are payable on early payout or partial payment (in excess of the limit set out in the loan terms and conditions) of a fixed rate loan. Approval may take longer if application is referred for further review. The comparison rate is based on an unsecured personal loan of ,000 for a term of 5 years. The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan.Most debt consolidation loans are offered from lending institutions and secured as a second mortgage or home equity line of credit.Here are a few things to consider before jumping into it.There are two major reasons to consider consolidation: to save money by getting a more favorable interest rate and to facilitate making payments on time.Ideally, that consolidated payment will lower your monthly payment amount and reduce your interest expense.
"Home equity loans and lines of credit generally have lower interest rates than personal, unsecured loans, and most credit cards," Lawler says.Canceling out your credit card debt with a cheaper loan could drastically reduce what you pay in interest over the life of the loan.