Debt consolidation and refinancing
single loan with one repayment.
Debt from personal loans and credit cards can be incorporated into your mortgage at a much better interest rate as home loans tend to have lower interest rates than other forms of credit. There are many reasons it is worthwhile to refinance, not least of all to save money. Consolidation of your debt into your existing mortgage is most effective for larger amounts of money and should reduce the amount of your monthly payment.
It also has the advantage of only having to make just one payment per month.
With today’s more stringent credit reporting laws keeping on top of your finances has never been more important. The new laws mean that potential credit providers now have access to more comprehensive information about your level of indebtedness and more specifically, the way you manage your debt.