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"To find the universal elements enough; to find the air and the water exhilarating; to be refreshed by a morning walk or an evening saunter; to be thrilled by the stars at night; to be elated over a bird's nest or a wildflower in spring - these are some of the rewards of the simple life."

John Burroughs



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Featured Debt Articles

5 Reasons Why You Should Eliminate Credit Card Debt
1. Credit card companies can change almost all of the terms of the credit card by giving just 15 days notice. We get used to credit card companies adjusting their lending rate by 1/4% as interest rates fluctuate but did you know they can alter any of the ...
Invoice Factoring: Hot to finance growth without debt or banks
There are few bigger challenges for business owners and managers than waiting 30 to 60 days to get paid by their customers. Although large businesses can usually afford it, smaller businesses can't afford the wait. As a matter of fact, waiting to get paid ...
The other side of Debt Consolidation Loans
"Consolidate all your debts with a low-cost Debt Consolidation Loan". Recently, you will see this type of advertisement in all forms of media. It sounds alluring to consumers who are in debt. Most of the borrowers keep on pondering about the credibility ...



Debt Consolidation Loans
 
Debt Consolidation Loans

Wouldn't it be nice to make just one payment per month instead of several? Most of us not only have a mortgage payment. We have car payments, credit card payments, student loans, etc.

If you have been living in your home for a reasonable amount of time and you have acquired enough equity, you might want to consider a debt consolidation loan.

A debt consolidation loan is using the equity you have acquired in your home from monthly payments and appreciation to pay off all of your outstanding debt, leaving you with one monthly payment instead of several.

Consolidating your debt has the potential to save you a lot of cash on a monthly basis if you have accumulated a lot of debt.

The interest rates on credit cards alone are considerably higher than that which you would receive on a mortgage.

Another benefit is the interest you pay on your debt consolidation loan is tax deductible, unlike your other debt.

Consolidating your debt is a great way to save money, but don't just dive in. Take the time to educate yourself about the mortgage industry and definitely shop around for the best deal. The mortgage industry is very competitive, so let them compete for your business.

Another benefit to consolidating your debt is that it will help your credit score go up.

The accounts you have outstanding that you owe money to are called open trade lines, by paying these off and than closing a few of them to keep your debt under control, you will be effectively increasing your credit score over time, which is how lenders determine your payment history.



About the author:

Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.


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Debt News



Cablevision shares up after new debt offering (Reuters via Yahoo! News)
Shares in New York cable operator Cablevision Systems Corp rose nearly 12 percent on Thursday after it said one of its units is planning a $500 million note offering to pay down its due debt.

Land Securities Agrees to Sell Trillium to Cut Debt (Update4) (Bloomberg)
Jan. 8 (Bloomberg) -- Land Securities Group Plc , the U.K. company that abandoned a plan to split in three in November, will raise 444 million pounds ($668 million) in cash from the sale of its Trillium property services unit to reduce debt.

Moody's cuts Bank of America debt ratings (AP via Yahoo! Finance)
Moody's Investors Service on Thursday cut the debt ratings of Bank of America Corp., as well as the financial strength rating of its lead bank, citing expectations for a more difficult operating environment over the next few years.

Moody's cuts Bank of America's senior debt rating (AP via Yahoo! Finance)
Credit ratings agency Moody's Investors Service said Thursday it cut the senior debt rating of Bank of America Corp. and ratings on its subsidiaries, including its lead banking unit.

MGM Mirage’s Murren Cutting Debt, May Sell Casinos (Update1) (Bloomberg)
Jan. 8 (Bloomberg) -- MGM Mirage’s new chief executive officer, James Murren, said he plans to “dramatically” reduce debt and will consider further casino sales as he overhauls the company’s balance sheet.