Debt consolidation should not be the first step when you find yourself in heavy debt; it ought to be one of the last, followed only by filing for personal bankruptcy. While consolidating debt is advertised as a quick solution to financial trouble, it carries troubles of its own, including the temptation to accumulate more debt after your charge card balances are eliminated.
Debt consolidation can be difficult, especially if you do not have a house. The easiest way to combine existing bills is to apply for a home equity loan. They are affordable when put side by side with other kinds of loans, and the interest is deductible from Federal income tax. One problem - If you don't own a home, how can you borrow money?
If you don't have a house, you can still find financing to combine your debts into one manageable one. There are several choices available to you:
Getting out of financial trouble can be a difficult task. There are a lot of ways to do it, and you can do so even if you don't own a home. It just takes patience and diligence.
©Copyright 2007 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com , a site devoted to debt consolidation, personal bankruptcy, establishing credit and credit counseling.