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Track your spending to see where your money goes each month, identifying areas where you may be able to cut back.
Compare your debt payment obligations and your spending to create a budget and determine how much you can realistically pay on your debt each month.
Once you know how much you can realistically allocate to paying down your debt each month, you can use the amount to determine terms for your loan.
The amount you pay on your debt consolidation loan each month will vary depending on the amount you borrow and how many years you will take to repay it.
However, home equity loans for debt consolidation can be risky, as your home may be foreclosed on if you can’t pay your loan.
There are two types of debt consolidation loans: secured and unsecured.Unsecured debt consolidation loans are offered online through banks and marketplace lenders.This makes applying for a loan convenient, and some providers offer instant approval online, so you can find out right away if a loan is going to work for you.If you’re facing bankruptcy, credit card debt is unsecured and typically discharged more easily than a home equity loan. Unsecured debt consolidation loans don’t require collateral, and they usually have easier approval requirements than secured debt consolidation loans.Unsecured debt consolidation loans can have income requirements as low as ,000 annually, debt-to-income ratios of up to 50 percent and minimum FICO credit scores as low as 600.