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And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation is a strategy to roll multiple old debts into a single new one. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.» MORE: Pre-qualify on Nerd Wallet and get a personalized rate Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.A home equity loan is a lump sum loan with a fixed interest rate, while a line of credit works like a credit card with a variable interest rate.
Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.» MORE: The good and bad of home equity loans Pros: Back to top If you have an employer-sponsored retirement account, it’s not advisable to take a loan from it, since doing so can significantly impact your retirement.However, if you’ve ruled out balance transfer cards and other types of loans, this may be an option for you.You can use that money to pay off your credit cards or other debts.A HELOC typically requires interest-only payments during what’s known as the draw period, which can range from five to 20 years but is typically 10 years.