Consolidating credit card debt into your mortgage
To learn more about using home equity to consolidate debts, click here.It can be tempting to use your line of credit or bank account overdraft to consolidate your debts into one monthly payment.Related: More information on how a debt consolidation loan works Home equity is what’s left when you subtract what you owe on your house from what it’s worth.
A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.
To find out if a DMP is a good debt consolidation option for you, one of our Credit Counsellors would be happy to look at your situation with you.
If a DMP is a good option for you, they will explain how it will consolidate your debts into one , how the interest rate is lowered or waived by your creditors and how we will help you successfully complete your Debt Management Program.
To learn more about consolidating debt payments with a Debt Management Program, click here.
To “settle your debts” means to offer your creditors a one-time lump sum payment to pay off part of what you owe them.