Add CC debt to mortgage?

---lee---

lympus48 wrote:

A really interesting discussion and so relevant to those who remortgage to lower rates as I did to 4.25% and are tempted to consolidate credit card debts and say move upto a better car. In my case my mortgage is only 9 years as like many folk in their fifties I willwant it completed in my early 60s ; so I suppose my question is - over what shorter period of time does it become more cost efficient to use mortgage funds for paying for these types of debt.

I suppose with only 9 years remaining, adding to the mortgage with rates as low as 4.25% could make sense. Also, you could then overpay the mortgage to keep it on track to end in 9 years. Of course, saving the money instead of borrowing it is always going to be the best way. Then your not paying interest to anyone.

By the way I do not believe paying off debt like this saves all problems; as soon as people have a clean sheet they start putting holiday flights on credit cards etc., and the whole debt build up restarts.

I agree with you on that. There are many examples on the forums of people who have done exactly that. Wipe the slate clean with consolidation and start all over again :eek:

spirit

hi,

yes, I'm only going to take out the mortgage over 15 years as I don't plan to be working in 25 years time. I want everything paid off as soon as possible and more importantly, to have some money left at the end of each month instead of lots of month left at the end of the money!