Bad Credit Debt Consolidation Loans

*In addition there may tax deduction for mortgage interest up to the value of your home.

Bad Credit Debt Consolidation Loans

This allows you to

• Consolidate your Credit Card Debt into 1 Low Monthly Payment!
• Debt Consolidation Loan with a Fixed Rate & Borrow up to 125% of the value of your home.
• Debt Consolidation Loans for All Credit types (A,B,C & D credit)

No Application Fee & No Obligation

* Please consult a tax advisory

Debt Consolidation News

Now might be a good time for loan consolidation
Mike Ferguson - Auburn Journal

Frequently we receive questions regarding the pros and cons of debt consolidation loans. Therefore, it might be informative to review some general guidelines to determine if this might be to your advantage. This is particularly true now since the interest rate on 30-year fixed-rate loans have declined substantially in the last year, and new features have been added whereby these loans can be paid in the first 10 or 15 years on an interest-only basis.

Let's start with consumer debt. The most obvious reason for transferring consumer debt to a home loan is that in most situations the interest paid on a home loan is tax deductible (see your tax advisor for specifics). Credit card interest and interest on car loans is not. The higher the homeowner's tax bracket, the more advantageous a debt consolidation home loan becomes.

Aside from income considerations, paying back debts is influenced by two variables, the interest rate being charged and the minimum monthly payment the debtor has to make each month. They are not the same thing. For installment debts (like car payments), the minimum payment can be quite high even though the interest rate is low. For some credit cards, even with a teaser zero- percent interest rate, the minimum monthly payment is often two or three percent of the outstanding balance. These high monthly payments are the reason most homeowners seek out a debt consolidation loan. Spreading the payments over 30 years typically improves cash flow substantially.

What about home equity lines of credit (HELOCs)? These are true adjustable-rate home mortgages where the interest rate generally rises or falls based on changes in the "prime rate." HELOCs are generally very beneficial. However, the prime rate has increased from 4 percent to 6 percent in the last year and there are expectations that this rate may continue to rise much higher over the next year or two. For borrowers that have loaded up debt on their equity lines, does it make sense to consolidate these loans into a fixed-rate loan with lower interest rates?

How about homeowners that took out loans two to five years ago with features that fixed their interest rate for three, five, seven or 10 years? These loans will soon become adjustable and the payments may skyrocket if short term rates keep rising. Should these also be consolidated with other debt and rewritten while the fixed interest rates are so low?

In some cases, we have clients that have several credit cards, substantial debt on their home equity line, and a loan that will soon become adjustable. Does it make sense for them to consolidate debt? Are you in this same situation?

Each homeowner should examine his or her circumstances and determine an appropriate course of action. If you need assistance, there are many competent loan officers out there who will be glad to help you determine if a debt consolidation loan would be to your benefit.

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