Pay
Off High Interest Credit Card Debt
Combined credit card debt and a high interest mortgage payment can, financially speaking, result in monthly debt reduction of thousands of dollars.
Why Should I Pay Off High Interest Credit Card Debt?
First, the interest you pay on a credit
card is not tax-deductible. Secondly, you pay a higher interest rate than you do on your home mortgage.
Because
of this, credit card debt is quite often termed “bad
debt” whereas your home mortgage is considered by financial planners to be “good debt.”
By using the equity in your home (home equity) to pay off your high interest
credit card debt, you can literally save thousands in the long run.
Additionally, using
your home equity, rather than your credit cards, to
finance expensive purchases can also prove to be very prudent.
Be sure to consult with your tax advisor or financial planner about getting a home equity loan and the benefits of a tax deductible mortgage payment.
Debt can ruin your life as well as your family's. Don't let this happen to you, when a simple debt restructuring is all that might be needed. If you need help with paying off your high interest credit card debt, please fill out the "prequalification form" or get in touch with us and we'll be glad to help you in any way we can. |
