Consolidating debt into mortgage good idea
There are several ways consumers can lump debts into a single payment.
get a lot of searches on this site from people looking for information about debt consolidation.Many of the debt consolidation companies that you'll find out there really aren't going to do much for you that you already can't do on your own – and they'll charge you an arm and a leg to do it.Other debt consolidation companies are just plain scammers looking to take advantage of people when they're down.If you need help getting out of debt, you are not alone.Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.Unfortunately that's not the case, and in many instances people end up making their situations worse by signing up for a debt consolidation loan.
The reason I haven't written about debt consolidation until now is because in most instances I'm not a big fan of doing debt consolidation.
The best way to consolidate credit card debt under $3,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.
You also could look at a personal loan to pay off your balances.
Home equity loans or home equity lines of credit are another form of consolidation sought by some people, as the interest on this type of loan is deductible for borrowers taxpayers who itemize their deductions.
There are also several consolidation options available from the federal government for those with student loans.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.