Discover which debt relief companies will provide you with honest and professional debt solutions. Here you can research all your options, ask questions, and decide which type of debt solution is right for you!Should I Consolidate Credit Card Debt Using My Home Equity?
Every situation is different but using equity that you’ve accumulated in your home as it has appreciated in value over your mortgage balance is probably the simplest and most attractive way to consolidate credit card debt.
You may refinance your home which will cause your mortage balance to go up but you will be able to pay off those unsecured credit card debts with the high interest rates and fees. Look up home refinance rates in your area and get quotes from several different lenders. With interest rates as low as they are these days, it sure will be nice to pay off your 18% credit card rates and replace them with a 6% mortgage rate.
However, be sure to look at more than just the interest rates since refinancing also can mean closing costs and other fees you may have to pay which can add up to thousands of dollars out of pocket.
If you decide to preserve your home equity and just want to consolidate your bills with lower rates, you should look into other debt consolidation options like a highly regarded debt management program.
