Consolidating debt options
For the past decade, banks have typically charged interest rates on debt consolidation loans of around 7% - 12%.
Many times you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn't always possible (talk to your bank to find out more).
If your minimum monthly debt payments are too high--even after a consolidation loan is factored into the situation, you have bad credit, or you can't offer some reasonable security for a loan, then a consolidation loan probably won't work.
If this is the situation that you are in, then check out some of the other options below to see if something else might work.
These terms refer to the bank lending you money against the portion of your home that you own.
So if the bank thinks that your home is worth 0,000 and your mortgage is for 0,000, then you own ,000 of your house. The bank may let you take out a second mortgage to use up some of this equity to pay off your debts.