Question : Do you have to own a home in order to take out a debt consolidation loan?
I would like to consolidate my debt and have seen information on debt consolidation loans. I do not own a home but am interested in consolidating my debt. What options do I have?
- asked by MartinVLee3
All Answers:
Answer #1
Personally I know for a fact that you would haveto own a home to qualify for a debt consolidationloan.
- answered by lika
Answer #2
Your best bet is to work with your individuallenders and ask for better terms. If your creditis still good, you might qualify for an introbalance transfer offer. Use this to get rid ofyour highest interest loans. Make sure you do notuse your new credit card for purchases, becauseyour payments will be applied to the balancetransfers and the interest charges will build upon your purchases.
- answered by VaTreasures
Answer #3
Don't know what planet lika is from, but you donot need to own a home to get a consolidationloan. She's confusing it with a home equityloan.You can go to a bank or credit union and geta consolidation loan just like a personal loan. It may be difficult if you have poor credit, butit's done all the time. I did it, a few friendsdid it, so ignore Lika's answer.Pay attention toVaTreasures' answer! One of the biggest mistakespeople make is to get a consolidation loan (ortransfer balances to other cards) is to notcontrol their credit. Too many times peopleconsolidate, then turn around and run theirnow-empty cards right back up again. Now you arein twice the amount of debt, and end up filing forbankruptcy.Many thousands of people were forcedinto bankruptcy last year for this very reason! Credit Card Transfers and Consolidation loans werebeing pushed like crazy as a quick and easy wayout of debt, but people didn't see the dangers! You MUST quit using credit until you have paid offyour loan.
- answered by Studly
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