If you have a huge # of bills to pay off every
month, you can cut them down by refinancing your current mortgage
for debt consolidation. To do this however, you must have built
equity in your home.
carry about $5800 of credit card debt from one month to
according to CardWeb.com
Paying monthly interest charges on this kind
of debt means you will end up paying almost double the debt you
owe, over a longer term. In order to avoid this, you can use the
equity built up in your home to pay off your debts via debt consolidation.
Why Should I Refinance my Mortgage for Debt
Lower Consolidated Interest Rate: The interest rate you will be charged on your mortgage
refinance on your debt consolidation will be much cheaper than
the APR charged on credit cards.
Consolidated Mortgage Payments: Instead
of keeping track of many different bills every month, you will
make one consolidated payment to your mortgage company every
month, with a lower interest rate.
How to Deal with Credit Card Debt
If you follow these debt consolidation tips,
you will be able to pay off your credit card debts very fast and
feel good when you have zero credit card balances.
Pay Off Higher APR Credit Cards First: You want to be earning interest from the bank, and
not paying the bank interest! Therefore, pay off credit cards
that have the highest APRs. If you achieve this, you will be
paying less interest charges every month and have more disposable
Make Paying Off Your Debt Your #1
Priority: If you consolidate all of your debts, don't
think you will have more disposable income every month. You
should dedicate as much of your income as you can to pay off
your debts first.
Resist Impulse Buying: Many
people rack up tons of bills and put them on their credit cards.
However, they have no idea how they will be paying for these
bills. If you are one of these people, you are doing yourself
more harm than good.