Debt consolidating home mortgages
There are a number of advantages of consolidating debt into your mortgage.
Another disadvantage of consolidating debt into your mortgage is that you may end up paying more in the long term.
Finally, consolidating debt into your remortgage leaves you with one single monthly repayment.
Instead of making multiple payments to various debts, you will end up with one creditor, one loan and one repayment. However, there are disadvantages to consolidating debt into your mortgage, as we see here.
Instead, there is one payment to one source, once a month. There are two major forms of debt consolidation – taking out a loan or signing up for a debt management program that doesn’t include a loan.
It’s up to consumers to decide which one best suits their situation.