Consolidating debt and mortgage

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Plus, even if you are sued, the company can’t just take your house.It could put a lien on your home, but credit card issuers typically cannot force you to sell it.High interest debt on credit cards, auto loans, or other consumer loans can be difficult to pay off and may create a barrier to your financial goals.However, if you're a homeowner, you have additional options to help you manage your debt, including a debt consolidation mortgage and home equity loan or line of credit.

A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you've built in your home as security.By consolidating your debts into a home equity loan or line of credit, you'll have the convenience of one consolidated payment rather than having several bills from different creditors.This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner.You take a big gamble by converting unsecured credit card debt to secured debt.Essentially, you make a bet that you can pay back the debt – and you wager your house on it.

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