What is the advantage of consolidating my credit card bills by refinancing my mortgage?
Consolidating your credit card bills and other debt into your mortgage has a many great benefits. • Tax advantage: The interest paid on your credit card and personal loan debts are not tax deductible at years end. By consolidating your bills with a mortgage refinance you’re moving your debt from a non-deductible debt to a tax deductible mortgage where you can write off the yearly interest paid. By consolidating your debt, you can potentially save thousands in tax liability each year. • Fixed Term: Most credit cards are a revolving form of debt and have no fixed term to be paid off. The average consumer only pays the minimum payment on the credit potentially extending this debt forever with no fixed term to be paid off. This can cost you tens of thousands of dollars in lost interest payments over the life of the credit card debt. When consolidating this debt into a mortgage you will not only have a tax deductible debt but you will know that it will be paid off in a fixed term. • Low int
