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Cheap way of consolidating debts

» MORE: Compare personal loan rates on Nerd Wallet Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.

You’re in deep with credit cards, student loan debt and car loans.

Most will give you a rate without a “hard inquiry” on your credit, unlike many banks and credit unions.

For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.

That means you’ll need to pay more than the minimum payment due to reduce the principal and make a dent in your overall debt.

Since both types of loans are secured by your house, you could lose it if you don’t keep up with payments.


  1. Mar 12, 2018. Consolidation works best when your ultimate goal is to pay off debt. The four most effective ways to consolidate credit card debt are Balance.

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