Debt Relief Through Refinancing

Refinance or Second Mortgage:

Pros:

A quick way to ease pressure from mounting credit card debt.

Usually does not have a negative impact on your credit score, or your ability to get financing.

Creates possible tax breaks. (Consult your tax advisor for information concerning your situation.)

Cons:

Increases your financial risk by securing your unsecured debt with your mortgage deed.

May have to pay a high commission to a broker or loan officer. The amount of money you have to pay back is usually substantially more than a debt management or settlement program.

Weakens your financial portfolio by using an asset to pay off revolving debts.

Leaves your vulnerable, because you cash in an asset that could be used to handle a more urgent emergency.

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Unsecured Debt:

Refinancing or taking out a Second Mortgage may be right for you if…

You are current with your bills, still have a relatively high credit score, but can not handle the monthly minimums on your revolving debts without using your cards.