Consider Second Mortgage Loan to Consolidate Credit Card Debt Prior to Filing BK or CCC

More often than previous years, we see families letting credit card debt get out of control. Like it or not, We live in a credit driven society, and to survive the pitfalls of revolving credit and economic cycles you need to create an attainable budget and follow through with your fiscal plans. Don’t let the bills and debt begin to mount. Bankruptcy and consumer credit counseling are good solutions for certain situations, but you should take certain precautions to prevent being put in that predicament.

Homeowners Should Consider a 2nd Mortgage to Consolidate Credit Card Debt Prior to Filing Bankruptcy or Consumer Credit Counseling

Homeowners have more viable options than consumers who don’t own property, so if you are fortunate enough to own a home, take advantage of the financing available that can help you lower second mortgage interest rates, and convert compounding interest into a simple interest home equity loan that can save you hundreds of dollars every month. According to mortgage broker John Haynes, “many homeowners don’t realize that they have a great solution to pay off the debts in their home.” Haynes continued, “people drive up and park their car into their biggest asset everyday.”

Take Advantage of Tax Deductions and Monthly Savings Realized with Fixed Rate Second Mortgages

Income Documentation: Full Doc or No stated Income

Many second mortgage companies have has partnered with a home equity lenders to create loan programs specifically designed for consolidating debt that lower your monthly payments, and help you refinance revolving credit cards. Of course talking with consumer credit creditors can reduce your interest rates and help you reduce your lower your credit card expenses, but you should never take it upon yourself to pay less than the minimum for monthly payments.

The article was written by Lynda Nelms