Consolidating credit card debt calculator
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you. New credit accounts are subject to application, credit qualification, and income verification. In order to determine if you can consolidate debt into your mortgage, you start by determining how much available equity you have.In Canada, this is determined by taking 80% of your home’s value and subtracting any existing mortgage balance.Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation rolls high-interest debts, such as credit card bills, into a single, lower-interest payment. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.
We will then show you your total interest savings potential from a consolidation and also highlight the cost of refinancing your mortgage.
You may find that debt consolidation loans are the best option to help you formulate a path to financial freedom.