Credit card debt consolidating mortgage
There are many options for debt consolidation using secured loans.You can refinance your house, take out a second mortgage, or get a home equity line of credit.While unsecured personal debt consolidation loans used to be quite common, they are less likely to be available to people who need them today.Generally, an unsecured loan will require the borrower to have very good credit.The term of a secured loan might also be longer than the term of the debt obligations that you consolidated.
If you own a home, you can get a debt consolidation home equity loan.By consolidating your monthly debts into a home equity mortgage, you will be replacing your credit card debt with mortgage debt, which is often at a lower APR and can be tax deductible (consult your tax professional). You may have high interest credit cards, loans and mortgages.To pay off one debt you may need to borrow from someone else, creating yet another debt.Also, secured loans are generally easier to obtain because they carry less risk for the lender.There is a huge downside to consolidating unsecured loans into one secured loan: When you pledge assets as collateral, you are putting the pledged property at risk.
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If you can’t pay the loan back, you could lose your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan.