The equity in your home can be used to rescue you from this never ending downward spiral, and increase your cash flow by reducing your overall monthly payment. Simply put, you can refinance your current home mortgage to pay off those credit cards and other liabilities.
Benefits of a Debt Consolidation Loan
If you are carrying high balances on your high interest credit cards, you can wrap the balance and your mortgage into one low-interest loan. There are two significant benefits to refinancing your home as a debt consolidation program. The first benefit is that with each payment, you will actually reduce your debt. This happens because the amount of principle in each payment is much greater than it would be with the typical high-interest credit card. The second benefit is that the interest you do pay can actually work for you! While the interest you pay on credit cards simply goes out the window, in most cases the lower interest you pay on a refinance loan will be tax deductible!
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