Consolidating debt into mortgage good idea
Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.
In other words, they haven’t established good money habits for staying out of debt and building wealth.
You’re in deep with credit cards, student loan debt and car loans.
Minimum monthly payments aren’t doing the trick to help nix your debt.
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!
If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.
Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.You don’t need to consolidate your bills—you need to delete them.To do that, you have to change the way you view debt!There's no better example of the old adage "it takes money to make money" than good debt.Good debt helps you generate income and increases you net worth.