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Types of Debt Consolidation Loans
There are several types of debt consolidation loans available, each with its unique features and benefits:
- Personal Loans: Unsecured loans that you can use to pay off high-interest debts. These loans often come with fixed interest rates and terms, making them predictable and easy to manage.
- Home Equity Loans: Secured loans that use your home as collateral. These typically offer lower interest rates but come with the risk of losing your home if you default.
- Balance Transfer Credit Cards: These cards offer a promotional period with 0% interest on transferred balances, allowing you to pay off debts without accruing additional interest2.