It allows home owners to borrow against their equity in the residence.
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.
If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?
” If you already know debt consolidation is the right path for you, here is a preview of the best debt consolidation loans revealed by my research: Next, I’ll dive into more detail on each company.
Home-equity loans exploded in popularity after the Tax Reform Act Of 1986, as they provided a way for consumers to somewhat circumvent one of its main provisions, which eliminated deductions for the interest on most consumer purchases.
The big exception: interest in the service of residence-based debt.
Learn more about when to consolidate and refinance federal and private loans.