Selling the Farm: Home Equity Loans As a Means of Debt Consolidation
Contributed by Alix Mcmurray
Debt Consolidation: at Last, a Light at the End of the Tunnel!
Debt consolidation is the bottom line many of us reach when the pressures of owning and acquiring have gotten the best of us.
You probably know the expression, "He just bought the farm." It generally means that someone has passed away and gone to his heavenly reward. Back here on Earth, however, we're more often in the position of selling the farm -- or having it taken away from us.
Don't Feel Guilty -- Debt Consolidation is a Common Ill
The proliferation of debt in our country has many causes -- our stubborn adherence to a high standard of living, the availability of credit plans, the vicious cycle of working too hard and then playing too hard, just to name a few. Debt consolidation is sometimes our only option, and home equity loans are one means to do just that. But they are not without significant risk.
Debt Consolidation: Sunny Skies Predicted for the near Future, but Thunderstorms Forever after That
If your financial portfolio consists of a box of unpaid bills, then you've probably thought of debt consolidation. There are several means available for debt consolidation: debt consolidation loans, credit card balance transfers, credit counseling agencies, and home equity loans. Today it is relatively easy to obtain a home equity loan.
The short-term gain of paying off unsecured debt and starting "fresh" can be very attractive when it's dressed up with a low interest rate and low monthly payments. We've all seen the ads -- "Pay off all your bills with one low monthly payment! " Sounds too good to be true? Well, maybe so....
