In addition to reducing the interest you pay, mortgage interest is typically tax deductible, while credit card interest is not.The biggest disadvantage to using your home equity to pay down other debt is this: if you cannot repay your new loan, you could lose your home to a foreclosure.Your choices for debt consolidation depend on whether or not you currently own a home.
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In 2011, 907,138 sales involved foreclosed homes and others in some stage of the process.
Despite these changes, the desire to own a home as both a place to live and a financial asset, makes home-buying a significant aspect of our national economy.
There are two types of debt consolidation loan: Debt consolidation loans that are secured against your property are sometimes called homeowner loans.
You are more likely to be offered a secured loan if you owe a lot of money or if you have a poor credit history.
This is the cheapest way if you repay within the interest-free or low-interest period.
You need a good credit rating to get one of these cards.
In 2005, almost all home sales were transactions between individual buyers and sellers.
Sales of repossessed homes held by banks comprised less than 1 percent of the total.
You should get free debt advice before you take out a secured debt consolidation loan.
Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.
If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.