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To qualify, you'll have to have fairly decent credit - mid-600s or above, perhaps 700 for some lenders - and a fair amount of equity in your home.

Lenders will likely want you to still have at least 10-20 percent equity after taking out the loan.

First, you may be able to get a lower interest rate on your consolidation loan than you were paying on your various other debts.

With interest rates on credit cards often ranging from 12-18 percent, that can produce a real savings.

This makes them useful for situations where you need money for periodic expenditures, such as home improvement projects, but there's nothing to stop you from simply making a one-time draw to consolidate your debts.

A consolidation loan can reduce your monthly debt payments in two ways.Generally, anything where you've incurred a debt that needs to be paid off over time - credit card bills, auto loans, medical bills, student loans, etc.The exception would be your mortgage; if you're having trouble paying that, you need to work that out directly with your lender, perhaps through a loan modification.Many lenders specifically offer loans for this purpose.Of course, this approach requires that you have fairly good credit - if your FICO credit score is in the mid-600s or lower, you may have trouble getting such a loan from a bank or credit union.

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However, if you've fallen behind on any of these and need to get caught up, you may be able to pay off your past due balances with a debt consolidation loan.

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