It seems as if you cannot turn on the television or the radio nowadays without seeing or hearing advertisers promoting debt consolidation loans and products.
The same can be said of your local and national newspapers which are peppered with adverts promoting everything from debt management companies to credit repair services.
The fact is that if something is being advertised 'blitzkrieg' fashion there is normally a massive market for it and it doesn't take a brain surgeon to figure out that the current economic climate is the reason for this.
Should you be one of the millions out their struggling with crippling debt, credit card debt in particular, should you be considering debt consolidation as an option? Without a doubt yes! Debt consolidation can save you a lot of money and make your debt much more manageable as well as improve or repair credit, and using a home equity loan for debt consolidation purposes is easily the best option available.
A home equity loan is a secured loan that is only available to homeowners, this is because your home will be required as collateral (another word for security) by the lender.
The better your circumstances the better the loan you will be able to find; secure employment and a good credit score along with enough equity will bag you the best deals especially at this time thanks to President Obama's home loan modification plan that could offer interest rates as low as 2%! When you consider what the credit card companies are currently doing regarding increased charges, interest rates and reduced credit lines because of the changes in legislation aimed at protecting the consumer, it makes perfect sense to break free from these greedy shysters.
Do the simple math, a 2% -10% interest secured loan against multiple 20% - 30% APR credit cards, as I said, you do not need to be a brain surgeon.