Consolidating credit card debt into your mortgage

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.That's where debt consolidation and other financial options come in.There is a right way and a wrong way to roll your credit cards or auto loans into your mortgage.

The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.This helps eliminate mistakes that result in penalties like incorrect amount or late payments.With interest rates on credit cards often ranging from 12-18 percent, that can produce a real savings.Second, you may be able to set up a consolidation loan that lets you pay off your debt over a longer time than your current creditors will allow, so you can make smaller payments each month.

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