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re: Consolidating credit card debt with mortgage
Posted on 6/20/13 at 11:48 am to ACT
Posted on 6/20/13 at 11:48 am to ACT
You will definitely pay a lower rate, the main potential drawback is the (slightly) increased possibility of losing the house if you can't make the payments even though they will be lower than the current situation. OTOH, if you can make the mortgage but not the credit card bills you still get to keep the house.
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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