Options to Take Control of Your Debt on Oct28 2010

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St. Augustine can claim to be one of the best places to live on earth. Beautiful homes, gardens, historical significance, blue skies and beautiful beaches make it a very desirable community. Because it’s such a desirable location, many of the residents in St. Augustine pay a premium for this luxury and solitude in the form of high mortgage payments. If these payments are also coupled with several high interest credit card payments, student loans, and car loans, the payments that come due every month may feel staggering. There are several options that might help reduce your financial burden during these troubled economic times.

One of the best options available to consumers is debt consolidation. This is one of the easiest ways to turn your loans into one manageable payment each month. Debt consolidation takes your existing debt and puts it all together into one loan amount. This means you do not take on any additional debt, but instead combine all your debt outside of your home mortgage. The benefit of debt consolidation is that by having just one bill each month, you lower your total payment. This is due to the fact that consolidating your debt means you’ll have just one interest rate, due date, and lender. Lowering your interest rate will in turn lower your monthly payments even more.

Another option is to get a home equity loan based on the appreciated value of your home. This means that you would be borrowing against the value of your home. In effect, this would end up adding more money to the amount that you currently owe on your home. Home equity loans are most beneficial to people who own their own home or do not owe very much on it. No matter which option you choose, be sure to do plenty of research so you understands the pros and cons of your decision.

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