How to Get a Loan to Pay Off Bills

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When someone is getting a loan to pay off their bills, the process is referred to as debt consolidation. Find out how to consolidate bills by taking a second mortgage, or a home equity line of credit, with help from a financial specialist in this free video on personal loans and money management.

Part of the Video Series: Personal Loans
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group. I had a question posed today. How do you get a loan to pay off your bills? Well, generally when someone is getting a loan to pay off their bills, this is what we call a debt consolidation. Probably the most popular and effective way to consolidate your bills is by taking a second mortgage or home equity line of credit on your home. There's a couple of reasons to do it that way. One is that the interest that you're paying on your home equity loan is going to be substantially less than what your credit card interest is. And by consolidating them all into one loan, you'll probably save at least two or three hundred dollars a month in payments. So, by doing that , you can actually apply that extra monthly savings back and pay off that home equity loan faster than you would otherwise. That's one of the best ways to get loans to consolidate your bills. Plus the other benefit to that is that the interest that you pay off on a home equity line of credit or a home equity loan is generally tax deductible, so you can write off on your taxes. Those are a couple of examples of how to get loans to pay off bills. Again my name is Matt McKillen. I'm with Innovative Financial Group.

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