Mortgage
You can take out a mortgage on your house if you have enough equity to pay off your credit card debt, however, there are two reasons I strongly suggest you do NOT do this.
#1. You have now converted unsecured debt to secured debt, and should you not make these mortgage payments due to loss of work or injury, you can loose your house. As they stand, they are NOT connected to your personal property. Not a good option if you don't have long term income stability.
#2. If you do not cut up the cards, and change your spending habits, you will run up the debt on the cards in about a year and you will have both the mortgage payment, and the credit card payment. If you do this, change your spending habits & or lifestyle, or you will regret doing this.
Unless you are self employed and have solid income, and equity in your property, taking out a loan to pay off the cards sometimes makes things worse.
You owe it to educate yourself and uncover the secrets to getting rid of the debt once and for all. Your first step is to do something.
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