Consolidating car loan into mortgage

13-Jan-2020 22:09

In addition, you’ll enjoy more cash-flow flexibility.

With consumer debt, there could be frequent changes to interest rates, minimum payments and terms, making it difficult to know exactly how much you’ll owe from month to month.

You'll be paying less per month, but you'll be paying for much longer, and with interest rates as high as 20 percent [source: Dunleavy] Be wary of any debt consolidators that charge high, up-front fees, or promise outlandish offers like 0 percent interest or "instant" debt relief.

If you're unsure about whether to consolidate, consider calling up a non-profit credit-counseling agency.

And, by mixing together all your debts, all your assets are now equally at risk.

Just know that you still must come up with a down payment and understand that your debt potentially will be with you for much longer.Welcome to the world of debt consolidation where you take out one big loan, and use it to pay off all your smaller debts at once.