Debt Consolidation Loan – Are Debt Consolidation Loans a Good Way to Pay Off Credit Card Debt?
With high unemployment and a weak economy we can at times find ourselves over our heads in credit card debt. With rates still near record lows, now may be the perfect time for homeowners to consider a debt consolidation loan. There are many lenders eager to help you refinance your mortgage so you can consolidate your debt into one low payment. But how do these types of loans work and is it right for me? Debt consolidation home loans use the equity you have built in your home to pay off your high interest credit cards allowing you to lower your total monthly payments. Consolidating your debt in a home loan can be done in one of two ways. You could either refinance your current mortgage into a new home loan or you can take out a second mortgage utilizing the equity in your home. No matter which direction you decide to go, the end result should be the same. Your desired result is to move your outstanding debt from high interest rate cards to a low fixed rate mortgage. Are you currently ca
