Can I consolidate my credit card debt into a home loan?
November 5th, 2009
SM asked:
I have roughly $15K in credit card debt. Ya horrible I know. My question is If I buy a house right now could I just take out more of a loan for the house and use it to pay off those credit cards? My reasoning in doing this is to get that debt at a lower interest rate by consolidating it into a home loan. Right now I’m paying more in finance charges on these credit cards than I would a house payment.
I have roughly $15K in credit card debt. Ya horrible I know. My question is If I buy a house right now could I just take out more of a loan for the house and use it to pay off those credit cards? My reasoning in doing this is to get that debt at a lower interest rate by consolidating it into a home loan. Right now I’m paying more in finance charges on these credit cards than I would a house payment.