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Debt Consolidation
Debt Consolidation
You may be able to lower your cost of credit by consolidating your
debt through a second mortgage or a home equity line of credit.
Remember that these loans require you to put up your home as
collateral. If you can’t make the payments - or if your payments are
late - you could lose your home.
What’s more, the
costs of consolidation loans can add up. In addition to interest on the
loans, you may have to pay “points,” with one point equal to one
percent of the amount you borrow. Still, these loans may provide
certain tax advantages that are not available with other kinds of
credit.
Source: Federal Trade Commission
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Date Added: 2009-04-05 Views : 137
