According to the Federal Reserve, Americans carry on average, $5,800 in credit card debt from month to month. Making the minimum monthly payment on that debt would take 30 years to pay off and include an additional $15,000 in interest. According to the Administrative Office of the Courts, 2,078,415 bankruptcies were filed in 2005, the largest number of bankruptcy petitions ever filed in any 12-month period in the history of the federal courts. With mounting credit card debt and the new tougher bankruptcy laws, people are looking for alternative ways of managing their debts. Debt consolidation loans have become a popular way to free up money each month by consolidating several monthly credit card payments into a single lower interest loan. But, the question is whether it's best to consolidate your debts into a home equity loan or an unsecured debt consolidation loan.
According to the Federal Reserve, Americans carry on average, $5,800 in credit card debt from month to month. Making the minimum monthly payment on that debt would take 30 years to pay off and include an additional $15,000 in interest. According to the Administrative Office of the Courts, 2,078,415 bankruptcies were filed in 2005, the largest number of bankruptcy petitions ever filed in any 12-month period in the history of the federal courts. With mounting credit card debt and the new tougher bankruptcy laws, people are looking for alternative ways of managing their debts. Debt consolidation loans have become a popular way to free up money each month by consolidating several monthly credit card payments into a single lower interest loan. But, the question is whether it's best to consolidate your debts into a home equity loan or an unsecured debt consolidation loan.
http://www.debt-consolidation-help.org/