Debt consolidation loans are used solely to combine all your debts.

A home equity line of credit is an open-ended account similar to a credit card that you can borrow against and repay.

Home equity loans and credit lines often have lower interest rates and higher borrowing limits than other types of loans. You’re securing your credit card debt with the equity in your home.

If you fall behind on your payments, you face foreclosure, which is much worse than defaulting on your credit card payments.

You can transfer just one or two of your highest interest rate credit card balances to ease some of the debt pain.

Before you consolidate debt with a balance transfer, make sure you’ll actually be saving money with the transfer.

It's not worth it to consolidate debt and end up paying more.You can also consolidate debt by borrowing against the equity in your home using a home equity loan or home equity line of credit.By La Toya Irby When you have debt on several different credit cards, paying them off can be a long, challenging process.It's hard to make progress when you have to split your payments between say, seven different accounts. You can consolidate debt by combining your debt payments and pay off your debt quicker.There are several different ways you can consolidate debt on your own without paying a debt consolidation company. If you have a credit card with a large credit limit and low balance transfer interest rate, you can move your balances to that credit card.A low credit limit doesn't have to stop you from doing a balance transfer.