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Among the poll findings: 56 percent who asked got a lower interest rate.Seek credit counseling: Credit counseling services also can help by developing a plan to erase your debt in 60 months, Nitzsche says.While it may be tempting to refinance your mortgage to pay off your credit card debt, make home improvements or cover other expenses, there’s plenty to consider before making that move.
Better options to pay off your card debt often include balance transfer cards, which can give you a year or more at 0 interest to erase those mounting credit card bills.It doesn’t address costs associated with the closing of the refinancing or any other fees. The above example assumes the ,000 in credit card debt is paid off in 30 years.If you change the assumption to 10 years or 20 years, the difference in monthly payments will be even greater.This type of refinance, known as a cash-out refinancing, typically requires that you have at least 20 percent equity in your home.
One obvious benefit: Having one monthly payment to keep track of certainly would be easier than mortgage and credit card bills, Costanzo says.To calculate your savings from consolidating your card debt by refinancing, use Bankrate’s personal debt consolidation calculator.By refinancing your mortgage and taking extra money to cover your credit card debt, “you’re lumping in your unsecured debt with your assets,” says Thomas Nitzsche, spokesman for the nonprofit Money Management International. If you can’t pay your card balance, a lender generally cannot seize your assets.Factor these extra expenses in the equation of whether a refinancing makes sense for you.