Oregon Debt Consolidation

Written by Linda Alexander
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If you own a home in Oregon, debt consolidation could help you to pay off your debts faster and less expensively than what you are doing now. As long as you have some equity in your home, you have some options that could save you some money. One of them is to take out a home equity loan.

Oregon Debt Consolidation: Home Equity Loans

Home equity loans usually carry low interest rates, and the interest you pay is tax deductible. Or, you could do a "cash out" refinance, where you refinance your property for more than the amount you owe and use the extra cash to pay off your debt. This is good because you usually get low interest rates, but the total interest over 15 to 30 years can end up being a lot.

Negotiating better terms is another option for Oregon debt consolidation. If you have high-interest credit cards, you could call your credit card companies and ask them to lower your interest rates. Very often they will do this, just for the asking. Or, you could switch your balances to a low-interest credit card, provided there is no fee to do it.

Before you take out a loan for Oregon debt consolidation, make sure you know what your options are. Understand the terms of the loan, the payment amounts, and the interest rates. Crunch those numbers well until you have thorough knowledge of what you will be paying. Then compare it to what you are paying now and you will know which is the best option for you.

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