Consolidate credit cards with second mortgage

I have 7 cards and $40,000 in balances. The rates vary from 12% to 19%. My property has equity and I have been offered a second mortgage at 4.5% for 30 years which can be used to consolidate the credit card debts. Will it be a good option to go for? Is there any reason I shouldn\'t do it?

2 Answers

You may go for it mate. You can use the money to pay off your credit cards. However, make sure you make regular payments on the second mortgage.


It would be a good option provided you CLOSE some of those cards.  Otherwise you could find yourself in a double mess.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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