Get Rid Of That Nagging Debt.
We have many loan programs that will help you get the cash you need to pay off high-interest credit cards and other debts, so you can lower your monthly bills and breathe easier.
Depending on your situation, our loan agents will help you find the right solution which could range from a home equity line of credit to refinancing your first mortgage with cash out.
The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars.
Why You Ask?
Because unlike your mortgage, the interest you pay on a credit card is not tax-deductible and you pay a higher rate than you would on your mortgage.
Because of this, credit card debt is often referred to as “bad debt” whereas your mortgage is considered “good debt.” Using your home equity to pay off your high-interest credit card debt can save you money in the long run.
Using your home equity, rather than your credit cards, to finance expensive purchases can also be a smart move. Be sure to consult your tax advisor.
Debt can ruin a family's life. Don't let this happen to you. If you need help with paying off your debt, please get in touch with us and we'll be glad to help in any way we can.
- Resist temptation. This is a prerequisite for debt reduction. Before buying, stop and consider if the item you covet is really necessary. If the answer is a resounding "yes," then investigate alternate price structures from competing products or services. Is there a substitute that's just as good but not as expensive.
- Stop using credit cards and start paying cash. You might even consider canceling all but a few charge card accounts.
- Pay more than the monthly minimum required by your credit card company. If you're paying the minimum, you're accruing interest charges faster than you're paying down the principal. At that rate, your debt will be around longer than you will.
- Consider a Consolidation Loan. Look into low interest loans that can be used to consolidate high interest credit balances. This is a popular loan category for people with multiple credit cards.
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