Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).
Some people consider credit card debt bad and mortgage or student loan debt good.
The average credit card interest rate is around 15%.
By comparison, mortgage rates are currently in the 3–4% range.
Choosing this option over the others is usually a matter of preference weighed against with your credit score and financial situation.
The information below can help you understand how a debt consolidation loan works, how you can use it to overcome your challenges with debt and what you need to know about the risks involved with using this method.
Many homeowners take cash out to pay off high-interest debt or make home improvements.