My name is Julie Asti, I'm a Certified Financial Planner with Asti Financial Management and today I'm going to be talking about how to consolidate your debts. If you're looking to consolidate your debts, by definition that means that you're looking to put all of your debts together into one loan so that you can only make one payment rather than having to deal with multiple payments and multiple loans. So rather than focusing on actually paying down the debts, you're going to want to make sure that you accumulate all the debts at one place. There are a couple of ways that you can do that. If you want to consolidate all your debts to make it easier to manage and easier to manage as one payment, the first thing that you can do is you can go to, if you have credit card debt, you can go to your credit card company and find out if they have an option for you via as your balance transfer or a low interest credit card that you can then roll over all of your debt onto just one card. Hopefully make an adequate payment plan, lower your payment, consolidate your payment so you only have one payment that you're dealing with working towards paying down. If you own a home, another option for you might be to either do a refinance on your house and consolidate your debts by taking cash out of your house when you do a refinance, paying off your debts and putting the debt into your home. Another option might be, if it's not the right interest rate environment to do, a full mortgage refinance so you'll have really a good rate. Something you might want to consider is a home equity line of credit that way you can go to a bank and you can usually lock in a lower interest rate, that's going to be tax deductible, that you can consolidate all of your debts onto an equity line of credit and therefore only make one payment that would be associated with your home. A long last way to consolidate all of your debts would be to go to a family relative or a friend and see if they would be willing to loan you the money and set private terms with them so you can a set term, a set interest rate and a set payment plan for somebody take all of your debts, transfer it to that just one note. Have that person pay all of the different debts, consolidating to one payment, one loan, one debt to that person and work towards getting that paid down overtime. So those would be some good options if you're really looking to just consolidate and streamline your debt. My name is Julie Asti, I'm with Asti Financial Management and you can learn more about my company and my services online at www.astifinancial.com.
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