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Debt Consolidation with Home Equity Loans to 125%: Credit Card Payments Increasing ...

Many Americans are finding that their budgets are stretched to the limit these days. With the high price of gas and rising short-term interest rates, everyone is feeling the pinch, especially Americans with high credit card debt - and most Americans have a lot of credit card debt. According to Gallups annual survey on personal finances, Americans on average, have three credit cards and owe more than $3,000 that they dont pay off monthly. Many consumers were just getting by making minimum monthly payments and the new law increasing minimum payments combined with increased interest rates, has put them in a financial crunch. Some consumers have had to struggle with payments that have doubled, taking part-time jobs and juggling debt to keep from ruining their credit. There are solutions, but bankruptcy isnt the best one.

With the new bankruptcy laws, filing bankruptcy is a difficult endeavor and doesnt necessarily eliminate credit card debt. Credit card companies are most likely going to get their money eventually. Now is a good time to take another look at credit card usage and even debt consolidation loans, followed by cutting up your cards. "Credit cards offer convenience, credit cards offer emergency life preservers," notes Ed Mierzwinski, a consumer advocate with WashPIRG's national office. "If you start to use your credit card for daily expenses, and you start paying for pizza at 18 percent interest - do the math." Credit cards are not a smart way to carry debt.

There are many loan options for eliminating credit card debt and if you own a house, mortgage refinancing or getting a second mortgage may be the right decision. If you refinance and cash out to pay off your adjustable short-term loans you will have a fixed-rate loan that you can depend on and budget around in the future. You can also depend on much lower payments. Unsecured loans, like credit cards, are riskier to banks and therefore cost you more in interest. A home equity loan will get you a lower payment and help get you back on track to eliminating your debt.

Rebecca is a respected writer and article contributor to the Desert Magazine and Los Angeles Times. Please visit these additional resource websites: To get a free loan quote for a 125% equity loan for debt consolidation for people with all types of credit, please check out the special loan offers for lower payments. If you need more loan advice about credit lines, take a look at the flexible programs offered for second mortgage loans.

For the latest interest rates for fixed rate second mortgages and interest only credit lines, please visit the online resources at BD Nationwide Mortgage & Equity Loans.

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