Credit cards: those two little words that can cause a mountain of debt and stress that can derail your short- and long-term financial ambitions. Falling into the pits of debt can easily feel like a form of suffocation without the right strategies and solutions that can help alleviate that burden. Debt consolidation can offer you a solution for getting back on the right track and helping to alleviate some of that stress.
Debt Consolidation Mortgage
Debt consolidation provides the option to combine various sources of debt into one single payment each month, either with your mortgage or not. It’s important to determine whether this is the best option for you and understand the benefits and potential drawbacks it could have, depending on your situation. Consolidating is geared at helping to minimize those high-interest payments and save more money and interest by paying off your debt in less time.
Using Your Mortgage as a Solution
Rather than be weighed down by your debt, why not use your mortgage as part of the solution? You can take advantage of the low rates and interest by combining your debt into your mortgage.
Is a Debt Consolidation Mortgage Right for You?
It’s important to determine what the right move is for you to tackle your debt. Always factor in finer details and potential fees, and calculate what timeframe is involved for you to pay off your debt consolidation mortgage versus your existing debt. Talking to a financial advisor and a mortgage advisor is always a good option to help make this decision.
When to Consider a Debt Consolidation Mortgage
It’s not often clear when you should consider debt consolidation and whether it might be a route that could benefit you. But if you’ve reached a point where you’re struggling to meet your monthly payments, or when at least 10% of your take-home pay has to be put towards other loans, such as credit cards and other non-mortgage debt, then it’s time to sit down and really consider your options.
When you’re struggling with debt and have reached a point where it’s consuming your life and causing an overwhelming amount of stress, it’s time to take some serious action. Take some time to thoroughly consider all of your options and talk to a mortgage advisor and a financial specialist to figure out if debt consolidation is a solution that could work for you. It can help lower your rates, reduce interest payments and get you back on your feet.
Don’t let debt weigh you down any further in 2017. Schedule an appointment with The Mortgage Advisors to learn more about debt consolidation mortgages and other mortgage solutions to simplify your life.