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Debt Consolidation Remortgage

Debt consolidation remortgage deals are possible to obtain, even in this new and tighter credit market. Remortgaging a house to consolidate debt is a good way to improve one's financial situation in a hurry. Consider the person who has close to £20,000 in consumer credit card and charge card debt. This person will spend well over ten years and thousands of dollars in interest to get these cards paid off. The monthly payments of all the credit cards add up and are often difficult for people to make on time, even if they are just paying the minimum balance due. This is a key point; most people pay only the minimum amount due, which means that the majority of their monthly payment goes to interest and does not reduce the principal balance.

Getting a debt consolidation remortgage deal and paying off all the credit card debt will almost always reduce the total monthly obligation a borrower has. Adding up all the credit card payments and the current mortgage payment and comparing that number to the new mortgage payment after all the cards have been paid off almost always shows a substantial monthly savings. Many times, paying off the credit cards with a remortgage will also save in total payback as well, especially when a portion of the money saved each month is applied as additional payments on the new mortgage.

A further benefit of a debt consolidation remortgage deal is that paying off credit cards with high balances generally improves one's credit score, making it possible to get better deals with lower interest on car loans or even on business loans.

When considering a debt consolidation remortgage deal, make sure that the new interest rate will be fixed and that it is at least now higher than the original mortgage rate, preferably lower.

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