Do you have to own a house to file for debt consolidation?
Question:
Answer:
No. That rules out a home equity loan for you, but there are several other channels that you can select from.
Sometimes you can get an unsecured loan (signature loan) from your bank or credit union to pay off debt with. The rate may not be great, but it should be lower than the interest rates you are currently being charged.
If you have poor credit, then a loan will not help, especially if you are falling behind on your payments. If this is the case, consider speaking with a reputable credit counselor. You may be able to handle them better on your own with a new strategy. You also may be eligible for interest rate reductions and a consolidated payment through a debt management plan.
Good luck.
NO but it helps.
You're not filing for debt consolidation. You're applying for a debt consolidation loan. Most bank will allow you a signature loan anywheres between 15k - 25k but if you own a home they will grant a larger loan.
Whatever you do. Do not use MBNA for a loan.
no you dont.
not necessary, although it depends
Plenty of good advice here.
Hey, these articles should help you:
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/answers/qn1643.
How to Hire a Debt Counselor?
http://www.askaquery.com/answers/qn1584.
Debt Management and Building Wealth
http://www.askaquery.com/answers/qn1581...
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