Honestly, I think you were very effective and efficient!
You showed understanding of my situation without being judgmental in any way." D.
Essentially it is using the equity in your home / refinancing your home to consolidate your debts into one payment in order to pay off your debts.
A "Home Equity Loan", "Home Equity Line","refinancing your mortgage / re-mortgage" and getting a "second mortgage" are all different names for the same thing and are sometimes used as a debt consolidation option.
If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.
It can also make it less likely that you will fall behind on your payments and risk harming your credit.
Minimum repayments are calculated as a percentage of the closing balance, typically 2 or 2.5%, or a set dollar amount, usually around , whichever is greater.For these reasons, taking out a personal loan to consolidate higher interest debt can often be very beneficial. Using one loan to consolidate your debt can solve your problems.Once all of your other accounts are paid in full, there is only one payment to make every month – the one to the new lender.Since the interest rate on a personal loan is often considerably lower than on a credit card, and the repayment term potentially much longer, the consolidated payment may be much lower, as you indicated.