So you can't stop shopping. When you see a nice pair of shoes or maybe a beautiful dress, your hands start to itch. And once you've made up your mind to buy the item, the crazy price tag doesn't matter. You also don't have to worry about money because you have a credit card (at least for the moment).
Lots of Trouble
And that's the source of all of your problems. Your "real income" has dropped more than ever. Your monthly bills have gone up so much that you barely have enough money to spend on yourself, let alone pay off debt. And the amount of your credit card loans is now more than you can handle.
You understand. You're too far in, and things are a mess. You wake up every morning full of worries, and it's hard to fall asleep at night because you can't stop thinking about your debt payments and all the other problems that come with them. What's next?
You must do something about your problem.
There is one sure thing. You need to take care of your problem right away. You can't put this off or your debts will get out of hand.
So what should you do? Pay off what you owe and start over. You might think it's hard or even impossible to do. If you think this way, you haven't heard of refinancing your mortgage. In times like these, you can always count on this choice.
How to solve your problems
So how does refinancing your mortgage help you? A mortgage refinance gives you everything you need: the money to pay off your many smaller debts, lower interest rates, and lower monthly payments. How so? Everything is easy. When you refinance your mortgage, you switch from an unsecured loan to a secured loan.
A mortgage loan is a secured loan because it is backed by a piece of property. Your credit card loan, on the other hand, is an unsecured loan. In the case of a mortgage loan, the lender has the right to seize the collateral, which is usually a valuable piece of real estate. This gives the lender more security, which means they can be more flexible with interest rates and monthly payments.
With a mortgage refinance, you can combine your debts into one.
This is the main reason why more and more people are using mortgage refinancing to combine their debts. That is, they take out a second mortgage on their home and use the money to pay off all of their smaller debts. After the deal is made, they will only have to pay off one debt. This means there will be less paperwork and confusion. More so, you get the benefit of lower interest rates and the lower monthly payments that come with them.
With a mortgage refinance, you can pay off all of your other debts and make monthly payments that are easier to handle. Now you can move on to a new beginning. You shouldn't waste this chance. Once you've fixed everything, don't go back to your old ways or you could lose your home, which is your most valuable possession. Get your answer and use it to the fullest.
