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re: Consolidating credit card debt with mortgage
Posted on 6/20/13 at 12:09 pm to foshizzle
Posted on 6/20/13 at 12:09 pm to foshizzle
You are trading short term debt for long.
However, if you put it on a mortgage, you should get a fixed low rate. The interest is tax deductible, and you can always pay more to reduce the term.
If you just pay the minimum payment on your cc, your CC debt will far exceed what is paid in mortgage debt. If you pay extra on the mortgage at a fixed rate, it will reduce quickly.
A mortgage is not an easy thing and you can still use a CC if you need it, that is why it is open-ended or revolving debt. Unless you get a HELOC, your can't borrow anymore.
That is basically all I can think of.
However, if you put it on a mortgage, you should get a fixed low rate. The interest is tax deductible, and you can always pay more to reduce the term.
If you just pay the minimum payment on your cc, your CC debt will far exceed what is paid in mortgage debt. If you pay extra on the mortgage at a fixed rate, it will reduce quickly.
A mortgage is not an easy thing and you can still use a CC if you need it, that is why it is open-ended or revolving debt. Unless you get a HELOC, your can't borrow anymore.
That is basically all I can think of.
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