Refinancing consolodating

31-Jul-2017 03:28

When you’re ready to get out of debt, sometimes it’s hard to know which path you should take.For some people, debt consolidation will be the best option because it can allow you to group all your debt together, thereby making it easier to manage your debt – and in some cases lowering your monthly payment and interest rate at the same time (see our article on how debt consolidation works).But of course, before you can decide if it’s the right choice you have to answer some important questions.One of the most important is, “does debt consolidation hurt your credit score?The big exception: interest in the service of residence-based debt.Today, with a home-equity loan, homeowners can borrow up to 0,000 and still deduct all of the interest when they file their tax returns (assuming they make itemized deductions).To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage.

If you’re not familiar with the process, here’s a very brief explanation: Your credit report contains information about all the credit accounts you’ve ever had, including mortgages, auto loans, credit cards, student loans, etc.If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don’t do this very often.

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