I’m Swimming in High Interest Debt Payments – What Do I Do?
- Consider consolidating that high interest debt into a low interest option like your mortgage.
- For every $400 in monthly debt payments that you consolidate, you will gain about $100,000 in additional mortgage financing PLUS lower your overall monthly payments.
- This strategy results in saving you thousands of dollars each month and can help you increase your total borrowing power.
o Let’s look at a quick example:
o $25,000 car loan
o $750 monthly payments
- By consolidating this car loan into your mortgage, you will save $75,000 & about $350 on your total monthly payments.