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If you are like many people who find themselves with too much debt, you may need to consider refinancing or consolidating your loans.
With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan.
Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years.
There are only three ways to lower monthly debt payments: reduce the principal amount, get a lower interest rate, and extend the payments over a longer term.
These three principles are used in refinancing and debt consolidation.
The credit card companies make most of their money on people who don't payoff their cards each month, and once you get stuck they make it harder and harder to dig your way out of debt.