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.