Consolidating credit card debt into home loan dating jmp marshall amps
Of course, any debt consolidation strategies can only be successful if you cancel your credit cards and avoid running up further debt.If you can commit to that, though, debt consolidation can potentially save you a lot of money.Personal debt can creep up on us slowly, gathering in size until it becomes a black cloud hanging over our head.
Example: Provided you have both a mortgage and the available equity against your home, incorporating your personal debt onto your mortgage and increasing your repayments proportionally can save you a significant amount of interest.
If you can tick all those boxes though, then incorporating your debt can be both cost effective and easy on your budget, depending on the situation.
Example: So in this example, incorporating your ,000 credit card debt onto your mortgage and keeping your overall repayment level the same not only means that you will extinguish your credit card debt (and eliminate the attendant interest), but that you can also pay your home loan off more than three years earlier and save around ,800 in interest costs. Try our mortgage repayment calculator and check out our home loan database to compare offers.
This way, you’ll only have to remember to make this one payment a month.
You may also get a lower interest rate than you currently pay on your other debt.