Consolidating credit card debt into your mortgage
To learn more about using home equity to consolidate debts, click here.
It can be tempting to use your line of credit or bank account overdraft to consolidate your debts into one monthly payment.
Related: More information on how a debt consolidation loan works Home equity is what’s left when you subtract what you owe on your house from what it’s worth.
It is important to speak with one of our Debt Settlement Specialists to find out if signing a debt settlement agreement with your creditors is a good option for you.
Before you increase your mortgage to deal with your debts, take out a second mortgage at a higher interest rate, or apply for a home equity loan, talk to one of our experienced Credit Counsellors.
There are likely other options you may want to consider as well.
Credit cards can be easy to get into trouble with because after you make a payment, unless you’re maxed out, you can use your credit card again. Before you apply for a low rate credit card to consolidate other debts, make a free, confidential appointment with one of our Credit Counsellors and look at other debt consolidation options.
To learn more about consolidating debt with credit cards, click here.