You may have friends or colleagues who have used their home to bail them out of debt problems in the past. There were a few periods, especially in the early to mid-2000s, when home values skyrocketed, giving homeowners access to thousands of dollars in home equity. Many homeowners used that equity to put their kids through college while others used it to pay off mounds of debt. Homeowners continue to use the practice today when possible. But, what if you do not own a home? Don’t panic. There are a few methods of debt consolidation you can use to help bail you out.

Credit Card Balance Transfer

If you are like the average American home, you have credit card debt, too much of it in fact. You likely have multiple credit cards that are carrying balances from month to month. One thing you can do is a balance transfer. Credit card companies are notorious for trying to outdo each other and steal your business. Find one that is offering a 0% interest balance transfer and move all of the balances of your other cards to it. The result will be a lower overall payment and lower interest payments while you work to reduce your balance.

Use An Auto Title Loan

If you own a vehicle that is paid for, you can quality for a car title loan. This is a type of secured loan using the vehicle’s title as collateral. Companies like Embassy Loans of Florida have helped thousands of customers access cash with their vehicles. The process is very easy too. Interested borrowers fill out an application and present documentation to prove their identity and residency. They also must present the title to the vehicle and the VIN number should match that of the car or truck.

Title loan companies usually use a blue book value and determine how much an applicant’s vehicle is worth. Normally, a borrower will be able to access up to 50 percent of the value of the vehicle. Once the value is set, the final loan documents are drawn up and signed. The entire process can take as little as a few hours and rarely takes more than 48 hours. Borrowers can then use the proceeds to pay off existing debt and then work to pay of the car title loan as quickly as possible to become debt-free.

Both credit card balance transfers and car title loans are easy ways for people without a home to consolidate and pay off debt.