Consolidating debt on your mortgage

Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates. But the truth is debt consolidation loans and debt settlement companies suck even more. In fact, you end up paying more and staying in debt longer because of so-called consolidation.Get the facts before you consolidate your debt or work with a settlement company.Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.What if I plan to pay off my debts soon after getting a mortgage? You might worry that carrying debt will put you in a weaker position for a mortgage – would a bank really want to lend money to someone who has had to borrow elsewhere?Well, fear not – a loan or credit card debt won’t necessarily stop you from getting a mortgage.The solution requires you to roll up your sleeves, make a plan for your money, and take action!

The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission. When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.You don’t need to consolidate your bills—you need to pay them off.

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