If you have credit card, medical bill debt, or other unsecured personal loans that are so large you can’t pay them off in a reasonable amount of time, you will likely end up using one of the following options to deal with it.
1. Borrow your way out
In the recent past, most with serious unsecured debts would turn to their home in the form of a home equity line or second mortgage. This was a quick fix that usually provided a lower monthly payment to service the same amount of debt. The obvious problem now? Loans are more difficult to come by.