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Do You Have a Plan?

posted May 29, 2017, 12:10 PM by Donna Telep   [ updated Dec 10, 2019, 1:36 PM ]

Interest rates are still at record lows and are expected to remain unchanged over the next few months. Is this the time to consider leveraging your home equity to save a ton of interest on your debt?

Key benefits of debt consolidation:

1. Lower monthly payment to improve cash flow.

2. One monthly payment to simplify your finances.

3. It will lower your interest costs.

For example:

How much do you pay on a $10,000 balance on a…

1. Unsecured loan or line of credit at 5% = $42 monthly

2. Credit card at 18% = $124 monthly

3. Added to your mortgage at 2.59% = $22 monthly

It makes good financial sense to consider the savings and benefits when deciding whether or not debt consolidation is the right plan for you.

 

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