Refinancing Credit Card Debt with a Debt Consolidation Loan Secured with a Second Mortgage
By Maria Ny
With rising gas prices and the cost of living spiraling out of control, many people are having a hard time making it from paycheck to paycheck. Earnings and wages are just not keeping pace with inflation. The Bankruptcy Abuse Prevention and Consumer Protection Act, passed in October 2005, has made it significantly more difficult and expensive to file for bankruptcy and doubled the minimum payment requirements for credit card debt.
In addition to higher minimum payment requirements, if you are late on a credit card payment or you go over a credit limit, you are charged a universal default rate--a penalty rate that replaces your regular annual percentage rate (APR) when your account is perceived to be in default. This default rate stays for as long as the issuer wants and can even spread to your other credit card accounts. So, if you have five credit cards, you could potentially be paying exorbitant penalty rates for all five just for being late on one. Currently, the average penalty rate is 25.88%, up from 23.26 % in 2001, according to CardWeb. And often, "a FICO credit score below 600 will trigger a universal default clause," said CardWeb.com CEO Robert McKinley in an email exchange.
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Nationwide Mortgage Loans is Awarded Preferred Broker Status with Irwin Home Equity
Nationwide Mortgage Loans is one of only three second mortgage brokers in the country awarded the "Preferred Broker"status from Irwin Home Equity. This reward program offers quality brokers lending benefits by adding a competitive edge for their 125% home equity products. IHE account executive, Dan Ambrose stated "this is an excellent opportunity for Nationwide to really expand its home equity market-share."
Nationwide Mortgage Loans Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan
Nationwide Mortgage Loans now offers a convertible home equity line of credit that provides borrowers options for turning their variable interest rates to a fixed rate second mortgage loan. This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that this second mortgage allows you to keep the unused portion of the home equity line open.
If you own a home and have credit card debt...give us a call at 1-877-212-9478.
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