What is the best way to consolidate debt from credit cards totaling $45,000? Is debt consolidation a possible way to go?
Most lenders will want collateral for a loan of that size. This may be a home equity loan, if there is sufficient equity, or the use of some other collateral you may have that is and will continue to be worth at least what is owed.
Consolidation can work to your advantage. The question is, what are the chances that you'll charge your balance up again? Also, right now your debt is spread among many lenders. When you consolidate it there will be only one lender with a large loan. That means a lot of risk for the lender, hence the desire for collateral.
These loans can be hard to get without very sound collateral. You also have to be able to meet the lenders qualifications as to income, outflow, credit rating, etc.
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Most lenders will want 