What types of debt qualify for debt consolidation?
Most debts can be included in a debt consolidation program, as long as they are unsecured. Some examples of unsecured debts include credit cards, medical bills, department store cards, non-government sponsored student loans and bank lines of credit. All of these can be consolidated. However, secured loans like house payments or car loans usually cannot be consolidated successfully. As well, a loan that has been cosigned by another person cannot be consolidated either. Secured debt is always secured by a tangible object or property – so if payments are not made, the security (such as a car or house) can be taken away. Secured debt should always be paid before unsecured debt. Contact an Affinity representative for a free, confidential consultation today.
