Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Debt consolidation - do it smart
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July 14, 2005
Debt consolidation - do it smart
Majority of the clients have done some smart debt consolidation lately. Around 46% of home refinancing done by my office went to pay off the high interest credit card balances and other unsecured loans.
Many folks has taken advantage of recent dip in interest rates and use the cash out money to put additions to their homes. Some are buying investment properties.
Such a debt consolidation is very good move indeed as long as this doesn't become a habit. If you do it continuously, you can easily deplete all the equity in your home. Then the bank is closed for good.
Posted in Debt Relief at July 14, 2005 12:10 PM
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Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.
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