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What Debt Can Be Consolidated?

 

Nearly half of all American consumers carry credit card debt and other unsecured debts, as well as personal loans, medical debt, and car loans. And this year, many of them will take that first step toward a brighter, more secure financial future by consolidating their debts into one single monthly payment.

Depending on the type of debt you’re carrying, consolidating your accounts can be a great way to get control of your debt and your finances, and it can even help you rebuild your credit over time. We often get questions like ‘can I consolidate my student loans?’ or ‘can you consolidate personal loans?’, that’s why we’ve put this post together to provide you with all the information you need on what debt can be consolidated.

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Debts That Can Be Consolidated

Not every type of debt can be included in a debt consolidation program - but the good news is, most unsecured debts can. Unsecured debts include most debts outside of mortgages, home equity loans and car loans - essentially any loan that isn’t tied to collateral, like a home or a car. So what debt can be consolidated? In most cases a debt consolidation program can include any combination of these debt types:

  • Credit card debts
  • Store card debts
  • Gas card debts
  • Medical and hospital bills
  • Cell phone bills
  • Utility bills
  • Personal loans not secured by your home or property

Examples of debt that typically can’t be consolidated include:

  • Home loans (mortgages, home equity loans, and home equity lines of credit or HELOCs)
  • Car, RV and boat loans
  • Legal settlements
  • Back taxes and other IRS debts
  • Payday loans
  • Student loans

In addition to rolling all those individual payments into one single monthly payment, debt consolidation can also reduce the amount you pay every month, and it may even lower your interest rate, which means more of the money you pay will go toward paying down the principal.

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Consolidating Medical Bills

Aside from credit card debt, the biggest balances for most consumers are student loans and medical bills. Medical debt consolidation is fairly straightforward; in nearly all cases, your medical bills and hospital bills are able to be included in a debt consolidation plan. The key is to act quickly before the biller goes to court to attempt to secure a judgment. A legal judgment that’s already enforced usually cannot be included in debt consolidation.

How can I have my debts consolidated?

Debt consolidation may sound like it’s a lot of work, but the process is actually pretty simple. At CareOne, our debt consolidation experts can review your debts and make recommendations based specifically on your needs and budget. To get started, give us a call at 1-866-410-5323 or fill out our online form and learn more about your debt consolidation options today.

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    If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation

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