Home Loans and Debt Consolidation

February 04th, 2010

Many consumers have “had it up to here” with rising credit card costs. Home loan options can help with consolidating costly consumer debt, but there’s more to making this major financial decision than comparing interest rates. There are positives and negatives to tapping home equity for debt consolidation.

A first step toward eliminating debt could be debt consolidation through a mortgage refinance or home equity loan. Here are some things to consider before taking out home loans for consolidating debt. Consumer debt, also called unsecured debt, typically carries higher APRs than home loans, which are secured by real estate. Tapping home equity for paying off credit card balances and other bills may provide relief, but there’s more to making this decision than comparing interest rates.

Identifying, comparing, and understanding your options for debt consolidation can help you decide if a refinance mortgage or home equity loan is your best bet for managing debt.

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