Can consolidating debt through a new, refinanced mortgage, cash-out refinance, home equity loan or home equity line of credit (HELOC) help me cut my monthly expenses?
Definitely. When these types of loans carry a low enough interest rate and/or offer longer terms compared to your current debt(s), your payments can be significantly reduced. Plus, making one monthly payment is much easier than making a bunch of smaller ones. Just don’t go back into debt once your credit cards are paid off!
