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However, this consolidation option raised total costs over 5 years from ,681 under the status quo to ,058.Consolidating in this way would be selling out your future wealth for a lower payment, which I view as a pact with the devil.

The better alternative would be to consolidate your non-mortgage debt in a new second mortgage, leaving the first mortgage alone.

The payment would be 49, which is higher than the payment under the comprehensive consolidation option, although well below the status quo payment of 90.

Are you feeling financially squeezed with the amount of bills coming your way each month?

Refinancing your home loan is a great way to get the money you need to consolidate all those bills and get rid of their high interest charges.

It’s important to keep in mind that your debt isn’t gone; it’s just in a new place.

You need to remain disciplined in your spending and not overspend on your now “debt-free” credit cards.Also, make sure you’ll be able to afford the new payments on your new mortgage.To see how much you can afford, check out our mortgage calculator.The borrower in the example above should use the monthly savings of 1 to accelerate the pay down of principal on her second mortgage. Unfortunately, many borrowers in this situation interpret a payment-reduction consolidation as a license to take on more non-mortgage debt. If their house has appreciated enough, they may be able to, but sooner or later they run out of equity. "We kept adding to our second mortgage to pay off credit card debt…the rate is now up to 13.75%…we don’t have enough equity to break even if we sell... Discover Card is serious about safeguarding your personal information online.