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Using My House To Clear All My Debt

Feb 8, 2008
Becoming a home owner is one of the most important things you will do in your life. It even ranks up there near getting married and having a family of your own to take care of. Unfortunately, owning a home does come with some burdens and those burdens are the bills that you create in order to keep the home, running as you want it. There can be many reason on why you fell into debt, such as becoming over extended with the bills you have, not calculating the cost of running a household accurately or perhaps it was medical reasons that you got caught up with being in debt with bills.

No matter what the reason was that got you where you are today you too can do what I did. Using my house to clear all my debt was the best thing I ever did. Many people think they need to thrown in the towel and let the debt win the battle but you do not have to do that. There are options that you have that most will not tell you about. With every payment you make on your home you gain equity. Each year the value of your home goes up and that builds equity. Any repairs or upgrades and improvements you make to your home also will increase its value and the amount of equity you have in your home. You can use the equity in your home to help you clear your debt and get your finances back on track.

There are many people that use a line of credit on the equity in their home to make necessary repairs, upgrades and the most popular of all is to pay off debt. By using the equity in your house you can pay off your debt all at once making it so you just have one single payment to make each month. It is a homeowner's way to consolidate their debt on their own without having to seek outside help or having to go as far as filing bankruptcy.

If you suffer with overwhelming debt then you should talk to your lender or mortgage broker. They can help you get a loan on the equity in your home so you can pay off debt and have just one payment to worry about. You will save a great deal of money as you will not have to worry about all those interest rates on the outstanding debt. There are many choices for homeowners to help get them out of debt.

You can go with your current mortgage lender or check with other lenders to see who offer the best in interest rates. These types of loans offer much lower interest rates then the rates you pay on your outstanding debt. The lender will sit down with you and see where you are with your bills and help you get the amount of money you need to get your life back on track.
About the Author
Pinewood Property Solutions specialise in purchasing property fast and for cash fast sale, we can provide you a no obligation quotation on purchasing your home for a fast sale
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