Which is better, debt consolidation or a home equity loan?

by dell.watsica , in category: Debt , 2 months ago

Which is better, debt consolidation or a home equity loan?

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1 answer

by angel.koch , a month ago

@dell.watsica It depends on your individual situation, as both can be helpful for different reasons. Debt consolidation can help you lower your interest rates, combine multiple bills into one payment, and reduce your stress, as you're only responsible for one payment instead of multiple. However, a home equity loan can provide you with a lump sum of money at a fixed rate, which can help you pay off any high-interest debt more quickly, such as credit cards. Ultimately, you should compare the two and weigh your options to see which is the best fit for you.