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HELOCs differ from home equity loans in that, instead of receiving a lump sum of cash, borrowers have an agreed-upon amount that they can take from their equity, and access as needed over time. There are two categories: a federal Direct Consolidation Loan and private consolidation or refinancing options.

You can consolidate most federal student loans with a Direct Consolidation Loan, which you can read more about here.

You can pay your debts in instalments by setting up: You can apply for a Debt Relief Order or Bankruptcy Order if you can’t pay your debts because you don’t have enough money or assets you can sell.

In Scotland you can arrange a Debt Payment Programme from the Debt Arrangement Scheme.

“It can be really overwhelming when you have five credit cards to pay and you don’t even know where to start.

I’ll sometimes float the idea of debt consolidation so they only have one bill to pay or so they can have a lower interest rate.” There are many options to consider when deciding to consolidate debt, some of which work better in different situations.

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You can consolidate a variety of debts, including credit cards, payday and personal loans, utility bills and medical expenses.

A word to the wise, though: Debt consolidation loans aren’t for everyone struggling with debt.

Determining which method will benefit you the most will involve some homework and some calculations … Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.

Some people even open a new card with a 0 percent APR for a promotional introductory period (many of these run the gamut from six to 24 months) and transfer other balances over to that card.

This can be a viable solution if you think paying the card off within that promo time frame is doable.

Help consolidating my debt