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…
Read the full article at: https://www.postbulletin.com/news/business/the-mortgage-professor-debt-consolidation-during-a-period-of-rising/article_84efd593-98dd-5135-9b30-8ff6addd85df.html