Asked by Lynn Ann  |  Submitted August 06, 2015

I have a few debts to pay off, what is the best way to consolidate all in to one payment plan each month?

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  2

August 06, 2015

Hi Lynn Ann,

There are multiple ways you can consolidate and possibly lower your total monthly debt payments. Here are 3 of them:

1. Credit Card Company - Sometimes your credit card company will offer (often through the mail) to consolidate your debts and pay a reduced monthly payment.
2. Refinance - Check with a mortgage broker to see if it makes sense to consolidate your debts and get a reduced interest rate and possibly lower monthly payments.
3. Cash Value Life Insurance - If you currently own a life insurance policy with significant cash value, you can borrow from your policy to pay off the debts, then pay back the policy loan at your convenience and at an amount you're comfortable with.

These are a few ideas...hope this helps!


$commenter.renderDisplayableName() | 10.27.20 @ 10:09


August 11, 2015

You might see if you can obtain a " personal loan " to consolidate all the debt ..this will be more like an installment loan ( finite payment / term ) ....if you own a property and can possibly do a " cash out refinance " or a 2nd mortgage / heloc - you might consider this as well

$commenter.renderDisplayableName() | 10.27.20 @ 10:09