Refinancing for Debt Consolidation
Needing debt consolidation? We can help!
As interest rates on cars and credits cards climb, managing your consumer debt can be a challenge. The average rate on existing credit card debt has risen to over 21% just in 2024. That means if you are making minimum payments, it could take up to 30 years to pay off your balance!
Depending on your financial situation, consolidating debt using your home equity could be a beneficial choice for you.
Three ways debt consolidation through home equity can help:
- The total rate of interest for your home loan plus other debt may be higher than your current mortgage alone
- You can pay more towards your balance and less for interest with a lower total interest rate.
- It’s possible that equity financing can be tax deductible if used for home improvements (always check with your tax advisor).
Learn more about how consolidating debt may help your unique financial situation with our award-winning team today!
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor concerning tax implications of your mortgage.