Consolidating credit card debt into

Credit card debt is unsecured; if you fail to make payments the bank does not have any property to take back from you.Consolidating credit card debt if into your mortgage could cost you more.The question: Should you refinance your house with a mortgage to pay this debt off?Should you go further and refinance the entire loan into a lower interest rate, lowering your monthly payment and extracting money beyond what is needed to pay your debt?It can be hard enough to manage debt without having to keep track of multiple creditors.A debt consolidation loan could help you streamline those multiple debts into a one fixed payment, often under a lower rate.

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Other types of common debt, such as student loan debt, auto loans, and mortgages, all come with an end date.While it’s not exactly fun to be locked into the typically long repayment periods (especially with student loans and mortgages), at least you know for sure they’re going to be paid off as long as you stay the course. Think about it, with an installment loan, as long as you pay the minimum on time every month, you’re guaranteed to pay the loan off.But if you do the same and make minimum payments on your credit cards, you could be facing endless years of debt. So what are you supposed to do to pay off your credit cards? Credit card debt consolidation can take on many forms but the the purpose remains the same no matter the form: simplify your payments and lower your interest rate or rates.If the bank requires 20 percent equity and you wish to consolidate ,000 in credit card debt, you will need to increase your down payment to ,000.Consolidating credit card debt into a mortgage means your home secures the debt.If you have more than one credit card to pay off, then consolidating them into one can give you peace of mind as you make one monthly payment instead of multiple.


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