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27-Mar-2017 08:54

You just can't use that loan to continue to pay your new obligations going forward. There are several options, including going to a loan consolidation specialist or, if you're a homeowner with equity in your property, taking out a home equity loan to cover your debts.

You can also seek to take out a personal, unsecured loan on your own or try to negotiate some sort of arrangement with your creditors. The simplest, and most straightforward way to consolidate your debts is to simply to take out a new loan from your bank or credit union and use that to pay off the various bills you may have.

What types of debts can be covered by a debt consolidation?

Generally, anything where you've incurred a debt that needs to be paid off over time - credit card bills, auto loans, medical bills, student loans, etc.

The overall lower interest rate is an advantage of the debt consolidation loan offers consumers.

Lenders have fixed costs to process payments and repayment can spread out over a larger period.

The exception would be your mortgage; if you're having trouble paying that, you need to work that out directly with your lender, perhaps through a loan modification.

The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan.

Unlike private sector debt consolidation, student loan consolidation does not incur any fees for the borrower; private companies make money on student loan consolidation by reaping subsidies from the federal government.