(Of course, while you’re using your IRA money, it won’t be earning you any interest either.) From friends and family: These loans can be your best or worst nightmare.
Or you might be better off taking out a home equity line of credit (HELOC) or a fixed-rate home equity loan.
[Disclosure: Cards from our partners are reviewed below.] Debt consolidation is a type of debt refinancing that allows consumers to pay off other debts.
In general, debt consolidation entails rolling several unsecured debts, such as credit card balances, personal loans or medical bills, into one single bill that’s paid off with a loan.
For example, you can use money from your IRA interest-free for 60 days.
However, you must roll it over to another IRA account within 60 days.