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Debt consolidation loan interest payments are often tax-deductible when home equity is involved.
There are several ways consumers can lump debts into a single payment.
Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.
You usually work with a debt-relief organization or credit-counseling service.
“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D' Amore Mc Kim School of Business at Northeastern University.
"But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If not, you should start by paying off your highest-interest debt first.