Today, a majority of the home equity lines he approves as owner of Priority Plus Lending will be used to pay off Americans' credit card debts.
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With mortgage rates still near historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. With their savings dwindling and credit card debt mounting, they looked to their most valuable assets: their center-city Philadelphia home and a second house they were renting out.
Three years after Ray left an executive position, he found himself earning a fraction of his former income, while his self-employed wife, Jo Ann, struggled to make up the difference in a faltering economy.
Basically, the DMP plays policeman, taking your monthly lump-sum payment and distributing it to your creditors until the accounts stand at zero. According to Greenberg, less than 35 percent of the people who call consumer credit counseling agencies truly can benefit from a DMP. This is a numbers fudging claim that holds true only in the narrowest of circumstances.
For instance, if you miss two 0 payments on a ,000 balance, the third month's bill will make it 0 that you owe.