You can also seek to take out a personal, unsecured loan on your own or try to negotiate some sort of arrangement with your creditors. The simplest, and most straightforward way to consolidate your debts is to simply to take out a new loan from your bank or credit union and use that to pay off the various bills you may have.You're then left with one monthly bill to pay rather than several.This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.A consolidation loan can reduce your monthly debt payments in two ways.
The exception would be your mortgage; if you're having trouble paying that, you need to work that out directly with your lender, perhaps through a loan modification.
Consolidating debt with a home equity loan could be a good option. You may have high interest credit cards, loans and mortgages. This is the practice of rolling all your debts into a single, monthly bill.
2014)When monthly bills get out of hand, debtors frequently look to debt consolidation.
It's also possible that the interest rate on such a loan won't be lower than what you're already paying - in which case any reduction in your monthly payments would have to come from arranging a longer repayment schedule than you have with your current creditors.
Another option would be to obtain a cash advance through one of your credit cards.