Answer You might think that this is your “get out of jail free” card that would zap the debt that keeps you locked up in your own little debtors’ prison.While you know in your head that the amount has just been rolled into your mortgage, you feel lighter, freer and more relaxed.
Imagine shrinking your monthly payments by up to 70%.
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Your cash flow is increased a great deal as your monthly payments will likely decrease.
This reduces a great amount of stress and allows you to focus on building your finances once again.
I recently coached a married couple that had been using debt consolidation to enable their spending addiction for years. They brought out their net worth statement and showed me that while their home was worth $400,000 and they had lived in it for 22 years, they had built up virtually no equity. Because they had repeatedly used their mortgage to consolidate their credit card debt. After two decades of paying their mortgage they had nothing to show for it.