Consolidating mortgage and line of credit

Anyone who has taken out several different loans from separate lenders that is having trouble paying their bills each month will benefit from a well-designed consolidation plan.Obviously, if you keep incurring late fees and penalties as you scurry to make ends meet every month, you need a better plan.There are a lot of companies looking to help you stay afloat, so be sure to compare them side-by-side and point-by-point.

Consolidation should only be used for its intended purpose - to reduce the total amount of your debt in a controlled environment.

It should never be used as a Magic Slate solution to "lift" your obligations off the page.

But there are pitfalls and drawbacks to simplifying your finances this way.

Once you have signed on to the agreement, there is no backtracking.

IMPORTANT: In order for the this calculator to work, each obligation must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the APR entry requirement).

Debt consolidation allows people who are struggling with their finances to group their obligations into a single payment.As you can imagine, this helpful service is not free.In addition to principal and interest payments, there are fees, and these can eat you alive if you have less-than-perfect credit.A lower monthly payment means you'll be paying more interest in the long run.In other words, you'll owe money longer and make your lender rich in the process.This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.

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