A secured loan is a great option when you are searching for a way to consolidate debt and lower your overall monthly bills. If you are like the many households across the country with credit card debt, you hold at least five different cards, each with a significant amount of debt. Add in a car payment and other expenses and you may find yourself barely able to get by each month. Here are some options to help you lower your monthly payments and erase some or all of that debt.

1. Borrow from an investment account. If you have a 401k plan at your place of employment, you can always borrow from it. It is your money, and you are entitled to what you have already put it into it. The same holds true if you own a whole life insurance plan. You can borrow against the amount that you have contributed. This may sound good, but remember your retirement or insurance plans may change.

2. Borrow against your home’s equity. If you are a homeowner and have substantial equity in the home, you can use it to your advantage. You can refinance your home and roll in all (or as much as is possible) of your debt. The result will be one payment that is much lower than what you were spending previously. Instead of a refinance, you can also use your home’s equity for a second mortgage or home equity line of credit. Either way, your payments are reduced, or your debt is wiped out. Be careful, though – if you fail to repay, you can lose your house.

3. A car title loan. If you own a vehicle, you can use it as collateral for a car title loan. Embassy Loans has been assisting borrowers for years helping them gain access to much-needed cash. If your car is paid off or you owe very little, you can use the equity to take out a loan and consolidate your debt. Since the loan is secured by your vehicle, the loan is not based upon your credit. If you have a poor credit history, that will not disqualify you from obtaining a car title loan. At Embassy Loans, the process is very quick, sometimes as fast as an hour.

Each of these options, if available to you, can help you get rid of debt and lower your monthly payments. Consider which one might the best option for your particular set of circumstances.