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One big advantage to a home equity loan is your ability to write off the interest. Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.Trans Union found the number of people with secured and unsecured personal loans stood at 27.34 million at the end of the 3rd quarter of 2015, up 18% from 22.5 million in the 3rd quarter of 2013.RATE SEARCH: If you’re ready to take out a personal loan, check out current rates at It also has the potential to become a bigger hole,” Montanaro says.
With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.Some consumers shifted to personal loans during the recession, when home equity loans and lines of credit dried up, Montanaro says.As the housing market has rebounded, home equity loans are becoming more readily available.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.
The average rate on a cash advance is 23.53%, according to Credit And, if you transfer your credit card bills to a personal loan, there’s always the chance you might charge new debt on your credit cards.