However some mortgage refinancing allows you to consolidate your unsecured debts in with your mortgage.Back to Top Most debt consolidation loans should offer you a lower interest rate than you are receiving on your credit cards and personal loans.Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.That means you’ll pay less each month to just one lender instead of many.
In these tough economic times many Americans are faced with significant credit card debt and are looking for help reducing their monthly payments.
This should make your debts easier to manage and save you money on fees and late payments.
Back to Top Debt consolidation will come in the form of either an unsecured personal loan or a mortgage refinance loan, which allows you to refinance your current mortgage and combine your unsecured debts into the mortgage at the same time.
However, you need to look at all of the relevant issues as loan consolidation may not be right or available for you.
In the simplest terms, a debt consolidation loan will pay off your existing debts and transfer the monies owed into one loan with one manageable, monthly repayment.