Consolidation means that your various debts, such as credit card bills or loan payments, are rolled into one monthly payment.
If you are unable to make payments on time, you could lose your home.
To decide if debt consolidation is right for you, contact a credit counseling service accredited with either of these organizations: If you have a problem with a lender concerning debt consolidation, you should first contact the lender.
This includes money owed on personal credit card accounts, auto loans, medical bills, and mortgages.
The FDCPA does not cover debts incurred in running a business.
If your debt comes from multiple sources, it can make things much trickier as you juggle multiple payments each month.
Studies released by Urban Institute in July 2014 showed that 35 percent of Americans -- roughly one out of three -- are so behind in their finances that they have debt in collections.
Many states have their own debt collection laws that are different from the federal Fair Debt Collection Practices Act.
Your state Attorney General’s office can help you find out your rights under your state’s law.
Within five days after a debt collector first contacts you, the collector must send you a written notice that tells you the name of the creditor, how much you owe, and what action to take if you believe you do not owe the money.
If you owe the money or part of it, contact the creditor to arrange for payment.
With a home equity loan, the lender advances you the total loan amount upfront, while a home equity credit line provides a source of funds that you can draw on as needed.