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High interest debt on credit cards, auto loans, or other consumer loans can be difficult to pay off and may create a barrier to your financial goals.

However, if you're a homeowner, you have additional options to help you manage your debt, including a debt consolidation mortgage and home equity loan or line of credit.

This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.

A consolidation loan can reduce your monthly debt payments in two ways.

There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.

What types of debts can be covered by a debt consolidation?

Furthermore all quotes are free and without any obligation whatsoever .

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A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you've built in your home as security.

Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says.

"If that's the case, you need financial counseling, but for people who will not do that -- who had medical expenses, business expenses and ran up their credit cards -- a debt consolidation mortgage is a good solution."He cites the case of a client who had a mortgage-free investment house and more than ,000 in credit card debt.

This is an established debt consolidation method that has been utilised by homeowners for a very long time.

If used properly can enable you to get on top of a debt or credit situation through debt consolidation and get back to positive cash flow .

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