If you owe people money (your ‘creditors’) you can make arrangements to pay your debts.Your options depend on the amount of money and assets you have.Refinancing means you get a new loan to pay out an existing loan.Consolidating is a type of refinancing that usually means getting a new loan to pay out a number of other loans. Are you worried about losing your home or your car? Many people face a financial crisis at some point in their lives. Are your accounts being turned over to debt collectors?Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.
Next, list the expenses that vary — like groceries, entertainment, and clothing.It can put you, co-borrowers and other people who guarantee your loan, at increased financial risk.Back to top If you want to include all your debts in your home loan it will probably be cheaper to extend the length of your current mortgage than to refinance.In most cases, debt consolidation is more expensive than keeping your loans as they are.Avoid debt consolidation companies as they usually charge exorbitant fees.