Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation Options of a Homeowner With Two Mortgages
Homeowners who have both a first and a…