Debt consolidation firms do not simply give you another loan in order to pay off your debts. A debt consolidation firm will give you a free consultation, explain to you in detail how they can help you lower your monthly payments, and inform you of how long it will take you to become debt free by using their services. Within days or hours of contacting a debt consolidation firm, you can be on your way to financial freedom and start saving money each and every month due to lower interest rates you may be able to receive. Consolidating your debt can be a huge relief from a financial burden and give you breathing room you need.

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If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance entire thing at a lower interest rate, and then take “extra” money out and pay off your debt. This will allow you to reduce amount of debt you owe (because interest rate will be lower), and at same time, reduce amount of monthly payment.

Most experts agree that you shouldn’t go to trouble or expense of refinancing your home if you don’t intend to stay in it for at least three years. Otherwise cost of process would likely be more than overall savings.

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