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Personal Debt Consolidation and Credit Card Debt Help

jueves, 10 de diciembre de 2009

Personal Debt Consolidation and Credit Card Debt Help

Debt consolidation can be approached a variety of different ways. In recent years, homeowners looking for personal debt consolidation would usually turn to a mortgage broker or a bank to use the equity within their home for debt consolidation. This practice of homeowners looking for credit card debt help and using home equity to consolidate their debts has landed them in even more financial difficulty if unable to keep up with their new mortgage payment or rising interest rate.

The Federal Trade Commission defines Debt Consolidation as: “you may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put your home as collateral”.

If the FTC is raising consumer awareness about the risk with this method of personal debt consolidation, requiring you to put up your home as collateral on your unsecured debts, it may be a best practice to evaluate all of your debt consolidation options before making that decision. Over 40,000 people have used our Free Consultation to evaluate their options and make an informed decision about what type of debt consolidation is appropriate for their financial condition.

If you need credit card debt help and feel that debt consolidation by using your home equity may not be the right fit for you then please give our office a call and speak with someone that can show you other personal debt consolidation options that don’t involve using your home as collateral.

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