Some of the principles behind consolidating your debt clarified.
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Categorized | Mortgage Refinance
8. Debt Consolidation – savingandinvesting.com
Posted on18 August 2009.
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If you still owe …
If you still owe money on your house. The argument is dont pay it off because you can write off the interest. Consider this:
If you make 100,000/year in salary at 25% thats 25,000 dollars. If you pay 10,000/year in interest on a mortgage and deduct it from your taxable income. Thats 90,000 on 22,500 in tax. It reduces your taxes by 2,500/year. Would you send a bank 10,000 to not send the government 2,500? If you didnt like having your house paid off, you could always get a loan.
Why would you want …
Why would you want to get out of debt? Why did you get in debt in the first place? Question yourself these questions. If you have no intention of destroying your credit cards after you consolidate the debt, then why bother? If youre not going to change the person in the mirror, then why would your risk your house? Dont do it. Cut spending and pay off your debts smallest to largest. Never pay a credit card before you pay your house, food, lights and transportation cost.
you skirted around …
you skirted around the issue, not in a terrible way, but you never said, “refinance your house to include all your credit card debts, car loans, childrens school” i would have like a solid example.
Thanks for the …
Thanks for the fantastic words on the principles behind lending. The higher the risk, the higher the required rate of return! In real estate loans, the higher the LTV, the higher the rate of return required by the lender. Debt consolidation can be a fantastic thing under the right circumstances. Here’s link to a video that talks about how the baning and credit card industries operate. Check it out… /watch?v=0bGjYAL2Jds
Many thanks
Many thanks