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Using home equity for debt consolidation can be beneficial if the repayment period for paying off the home equity loan is shorter than it would be for your existing debts, or, if the interest paid over the repayment period is less than what you would pay without consolidating your debt.
High interest debt on credit cards, auto loans, or other consumer loans can be difficult to pay off and may create a barrier to your financial goals.
If you financed your furniture or appliances through the retailer on store credit, you may want to consider including those loans or balances in your consolidation loan, especially those that no longer have a low interest rate.
Private and federal student loans have tax benefits that may no longer apply if you include your student loans in your debt consolidation loan.
By consolidating your debts into a home equity loan or line of credit, you'll have the convenience of one consolidated payment rather than having several bills from different creditors.
Before applying for your debt consolidation loan, you need to determine which items should be included.