| August 31, 2009

Debt consolidation through home loan may be risky

As more Americans try and find ways to get out of credit card debt, some consumers may consider debt consolidation through a home refinance loan.

There are, however, risks involved, as was recently noted in an article featured on MSNBC by Kathleen McCarthy of creditcards.com. In the report, Susan Reynolds, author of One-Income Household, noted there is the danger they could lose their home if they default on the new loan.

“You will pay significantly more in interest over the life of the homeowner’s loan than you would if you chipped away at your credit card debt over a period of three to five years,” Reynolds said.

When it comes to credit card debt consolidation through a home loan, Todd Huettner, president of mortgage brokerage firm Huettner Capital, said in the article that there are a number of questions consumers can ask before they go forward. Those include figuring out why they have the debt in the first place, what the cost would be for debt consolidation, and if there is another, more effective way to get rid of the debt.

A recent article from the Chicago Tribune noted there are other options when it comes to credit card debt consolidation, including finding a low-rate credit card to which consumers can transfer their balances.

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