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Types of Debt Consolidation Loans

There are several types of debt consolidation loans available, each with its own set of features and benefits:

• Personal Loans: These are unsecured loans offered by banks, credit unions, or online lenders. They typically have fixed interest rates and repayment terms, making them a predictable option for debt consolidation.
• Home Equity Loans: If you own a home, you may be able to use your home equity as collateral for a loan. This can offer lower interest rates but carries the risk of losing your home if you default.
• Balance Transfer Credit Cards: Some credit cards offer promotional 0% APR on balance transfers for a limited time. This can be a cost-effective way to consolidate credit card debt, provided you can pay off the balance before the promotional period ends.