Consolidating debt and mortgage
Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.
Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.
And now the total loan amount would jump to ,103.
So, that means you shelled out ,282 , although often the terms are used interchangeably.
To do that, you have to change the way you view debt!
Dave says, "Personal finance is 80% behavior and only 20% head knowledge." Even though your choices landed you in a pile of debt, you have the power to work your way out! The solution isn’t a quick fix, and it won’t come in the form of a better interest rate, another loan or debt settlement.
And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!By comparison, mortgage rates are currently in the 3–4% range.If the current value of your home is greater than your current mortgage balance, it means you have equity in your home.So basically, your debt would go from ,000 to ,000–60,000.If that’s not bad enough, fraudulent debt settlement companies often tell customers to stop making payments on their debts and instead pay the company.
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Their behavior hasn’t changed, so it’s extremely likely they will go right back into debt.