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However, you might be able to use a cash-out refinance to roll your other debts into your mortgage payment, as described below.What you can't roll into a consolidation loan are ongoing bills and debts - the type where you incur new charges every month, such as gas, electric, cable TV, Internet, phone service, rent and the like.As you may know, many credit card lenders freely offer these to their customers with good credit, in the form of blank checks the borrower is invited to use as they wish.What's attractive about these cash advances is that they often offer 0 percent interest for a limited time, often 9 to 18 months, so they can be useful if you're able to pay off the whole debt that quickly.Many lenders specifically offer loans for this purpose.Of course, this approach requires that you have fairly good credit - if your FICO credit score is in the mid-600s or lower, you may have trouble getting such a loan from a bank or credit union.Second, you may be able to set up a consolidation loan that lets you pay off your debt over a longer time than your current creditors will allow, so you can make smaller payments each month.That's particularly helpful if you can combine it with a lower interest rate as well. Basically, you borrow a single, lump sum of cash that's used to pay off all your other debts.
A consolidation loan can reduce your monthly debt payments in two ways.
This makes them useful for situations where you need money for periodic expenditures, such as home improvement projects, but there's nothing to stop you from simply making a one-time draw to consolidate your debts.
There are a couple reasons you might opt for a HELOC debt-consolidation loan rather than a standard home equity loan.
However, these cash advances can also get you into trouble, because they usually reset to a fairly high rate once the no-interest period expires - often 16 to 18 percent.
They also typically charge an up-front fee of several percent of the amount borrowed, so you need to take that into account as well. One of the best, and most popular ways to consolidate your debt is through a home equity loan.
However, if you've fallen behind on any of these and need to get caught up, you may be able to pay off your past due balances with a debt consolidation loan.