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Also, at the end of the year, you are usually allowed to write-off the interest you paid, effectively making your APR even lower.

Most equity loans are 15 year notes, so try to send in extra principal every month to accelerate that payoff time.

You in turn pay the "bill paying service" a monthly payment equal to the amount of all your accounts in the plan, plus a service fee, and maybe interest if they could not get all of it removed.

This should hopefully cost much less than your total payments before, since most credit cards will drop the interest rate to 0.

Consolidation loans are DANGEROUS for impulsive people because all you are really doing is shifting all your debt from one place to another, effectively OPENING ANOTHER CHANNEL OF CREDIT, while freeing up your credit cards.Some of these same lenders might even roll the fee into the loan payments.If the loan's APR is higher than your credit cards, you'll lose money and should not close on the loan.Consolidation just means that the monthly payments from your creditors will be consolidated into one payment to one lender.Basically you can't just borrow your way out of debt, you must pay it off.