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Debt Management

Debt Management

Say Goodbye to Bad Debt

Just as there are good days and bad days, good eggs and bad egg, there are good debts and bad debts. Generally consumer debt – credit cards, store cards, lines of credit and sometimes auto loans are considered bad debt. You generally pay high interest rates, up to 35% on depreciating assets and it takes forever to chip away at the principle.

Mortgages, however, generally qualify as good debt. Interest rates are low, very low, these days and a property is an appreciating asset, making it a good investment. If you have equity in your home, you can turn bad debt into good debt. This in essence is debt management. By refinancing and rolling high-interest debt into your mortgage you can improve cash flow, focus on one payment and enjoy huge interest savings. If you would like to discuss your refinancing options, talk to a Time Home Loans professional.

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