Consolidating debt into mortgage good idea
It might be helpful for you to try some other options to get your debt paid off before going through with a mortgage refinance. Both the debt snowball and the debt avalanche are powerful tools for paying off debt.
My wife Kim and I paid off ,000 of debt in just eighteen months by using the debt snowball.
There are many companies out there that offer credit card consolidation loans that will charge a much smaller, fixed interest rate along with a fixed loan term.
This will help you avoid the long process of paying off a credit card when you pay only the minimum and pay a higher interest rate.
Another way to speed up debt payoff is to transfer your high interest rate credit card debt to a zero balance offer or a credit card with a much lower interest rate.” Refinancing credit card debt alone does not solve the behavior problem that created the debt to begin with.It’s important before taking any debt consolidation steps to make sure you’ve figured out why the debt occurred in the first place and resolve any causes for overspending or living above your means before you make any plans to add the debt onto a home mortgage or home equity loan.When the debt is gone you can then begin on the road to building wealth! You need to have money saved up for a down payment.