Homeownership is not required for a debt consolidation. There are many ways to combine debts and become debt free in three to seven years. In some instances, it is easier for homeowners. Because of their home’s equity, they have the option of acquiring home equity loans or cash-out refinancing which puts extra cash in their pockets. Fortunately, there are also ways to consolidate debts without owning a home.Get Approved for a Secured Personal LoanBanks regularly offer debt consolidation loans. If you do not own a home, it may be possible to get approved for a personal loan using some sort of collateral. Collateral is used as security for the loan. Thus, if you fail to repay the lender, they have the power to claim your item. Collateral can consist of any valuable piece of property (electronics, jewelry, vehicle title, etc.)Non-Profit Debt Consolidation AgencyDebt consolidation agencies are perfect for non-homeowners. These agencies are very useful because they have the ability to negotiate better interest rates and convince creditors to waive late fees and over-the-limit fees.Once the negotiations have concluded, debt management agencies combine debts. Each month, payments are submitted to the agency. Debt consolidation or management agencies do not payoff debts, they manage the payments. To avoid paying a monthly or one-time service fee, choose a non-profit debt consolidation service.Because of the variety of debt consolidation agencies, it is wise to request online quotes before selecting a company. Quotes entail a representative from the agency reviewing your debts, and remitting estimated monthly payments and estimated payoff time. Be aware that agencies have specific requirements. Some debt consolidation agencies will not offer help to people who are able to manage their own debts. Thus, qualified applicants must have a large debt amount, and accounts that are at least 30 days past due.Credit Card Balance TransferIf you have a good credit history, another option for quickly reducing debts involves applying for a credit card balance transfer with a low introductory rate. The average credit card has an interest rate of 18%. With a balance transfer option, multiple credit card balances are combined at a low rate, which makes reducing the debt much easier.