When done right, consolidating your debt via a cash-out refinance or HELOC can be a good idea to save money on monthly interest payments and help you put more money in the bank.
Credit card debt is much more expensive than mortgage debt.
While rates on credit cards can run upwards of 15% on average, current mortgage rates are in the mid 3-percent range.
Not only to do my taxes for me every year (which would be great), but also to pay my every day bills. Basically, a consolidation loan is a type of loan into which multiple loans have been combined and reestablished as one loan. Did you have any expenses that you were not planning for?
The average credit card rate of the same month was 15.19%.
This means that consolidating at this time would have saved borrowers at least 10% in interest, and not much has changed since this month.