If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don’t do this very often.
If you find yourself doing this every year or two, that means that you are spending more than you make, and it is going to take forever to get your mortgage paid off at this rate.
Others succeed because debt consolidation is part of a bigger plan to gain control over their finances.
So the first step in debt consolidation is simply to consider whether it will actually work for you.
Debt consolidation allows borrowers to roll multiple old debts into a single new one.
Ideally, that new debt has a lower interest rate that makes payments more manageable or lets borrowers pay off the total more quickly.
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