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Home equity loans 'an option for debt consolidation'
Consumers considering debt consolidation could benefit from applying for a home equity loan, according to an expert.
Writing for Helium.com, Katerina Nikolas suggested that the products are ideal for those who are keen to borrow "a lump sum" to put towards clearing other debts, including spending on holidays and home improvements.
She added that home equity loans could be useful for those who own their entire property but want to use the situation to their advantage.
"If a vacation or second home appeals then it may be possible to make a cash purchase from the equity held on the primary property though it would then mean that the primary property was held as collateral until the home equity loan is repaid," she explained.
Nia Williams of EveryInvestor.co.uk recently suggested that personal loans are also an ideal option for those looking to consolidate all of their debts into one single package.