Advantages: It’s unsecured, meaning there are no assets at risk.Drawbacks: A large, prime-rate loan requires good credit, says Mc Clary.

Advantages: It’s quicker and easier to get a card or credit-line increase than a bank loan, says Bruce Mc Clary, spokesman for the National Foundation for Credit Counseling.

And a credit card is unsecured, so you’re not risking assets.

Some points to consider: Savings account: Borrow from savings and it isn’t lost interest you worry about.

It’s about competing needs for that money, says On Track Financial’s Collins.

Drawbacks: It doesn’t get more risky as a method of debt consolidation.

You’re offering your house as collateral for what’s now unsecured credit-card debt, Mc Clary says.Compare home equity loan rates Fuse/Getty Images Also called a “signature loan,” a personal loan is an unsecured loan.Unlike a credit card, it features fixed, equal monthly payments, says Mc Clary, of the National Foundation for Credit Counseling.Otherwise that fresh start you’re hoping for, with your credit card balances on 1 card, could just make a bad situation worse.Here are the 5 best options for debt consolidation of credit cards, along with some advantages and drawbacks of each.Global Stock/E /Getty Images Home equity loans and home equity lines of credit, or HELOCs, amount to the same thing: another mortgage on your home.