Pay Off Debt | Rebuild Credit | fix credit score

how to pay off debt,how to fix credit score,how to repair credit score,how to raise credit scores is discussed
  Hi, I’m Lynn Louise – Your Loan Expert - Please take a look at all the loan options on the above navigation menu bar.  If you have a question or need a different type of loan, just call me 702-582-7029 and leave a message.  I'll call back the very same day.

 Do you need to rebuild your credit?  Some people can't get a bank loan and have the need to pay off their credit card debt.  Keep reading to get a clear picture of your options.

How to Pay Off Credit Cards: 3 Options

People who feel overwhelmed with debt often spend sleepless nights wondering how to pay off credit cards, but there are a variety of options available. The key is to not only pay off existing debt, but to avoid creating further debt problems in the future.

Option 1: Cash-out Refinancing
One way to pay off credit cards is to refinance a mortgage with a new loan that is larger than the remaining balance on the mortgage. This is known as cash-out refinancing. Suppose a home owner owes $100,000 on a house worth $200,000. At the same time, that home owner has $20,000 in high-interest credit card debt. The home owner could refinance the property for $120,000, using $100,000 to pay off the existing mortgage and the remaining $20,000 to pay off the credit card balance. Increasing the size of the mortgage may result in a larger monthly mortgage payment, but it would eliminate the monthly payments on the credit card debt. The main point is that since mortgage interest is much lower than credit card interest, this move should allow the home owner to save a significant amount in interest charges. This refinancing strategy is especially attractive if current mortgage rates are equal to or less than the home owner's existing mortgage rate. If this sounds possible, on the above menu is the debt consolidation loan option.  We seek to serve the broadest possible set of applicants, especially individuals who are seeking to improve their credit going forward.   How to pay off debt,how to fix credit score,how to repair credit score,how to raise credit score is being discussed

OPTION TWO