According to
Maui Weekly one option to bring down your monthly payments is to tie debt consolidation to your mortgage. Credit card debt and other debt can cause you stress from month to month and as you see little gain occurring you begin to wonder what options are available to you.

If you roll your debt into your mortgage for a single debt payment and a low interest rate you’ll recognize subsequent savings. Your mortgage payment will only rise slightly, you’ll loose the high interest rates associated with credit card debt. And if you are smart and don’t repeat your mistakes of the past you’ll have more cash flow available to you.

There are two types of loans available a home equity loan or a refinancing your mortgage. Talk to your mortgage broker to determine what’s right for you.

For a home equity loan to work the experts advise that you:

1.    Practice living on less income prior to applying for your loan. Save what you would normally have spent.
2.    Don’t take on any new debt.
3.    Choose the shortest period of time that works for you. Remember the longer the more interest you’ll pay.
4.    Never borrow more than 80% of the value of your home otherwise you could be putting your home at risk.
5.    Avoid low introductory interest rates used on credit cards to hook you.
6.    Never refinance more than you can afford – 10 or 15 years is a long time to struggle.

If you decide to rewrite your mortgage to consolidate your debt you’ll likely hear all kinds of people warning it’s not wise. Consider this – if you are currently struggling to meet your monthly debt load, and you are sitting on credit cards with high interest rates – what have got to loose by consolidating you debt into one manageable payment. After all how many years do you think it will take to pay off those 29% interest rates?