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Do You Have a Plan?

posted May 29, 2017, 12:10 PM by Donna Telep

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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