Consolidated loan..pros/cons – 2nd mortgage?
We just purchased our first home. Have a good income but have 30k in misc debt – including: timeshare, credit cards… We now make about $ 1200 in payments each month to various companies – thinking about consolidated loan or 2nd mortgage. ONLY IF IT WILL REALLY HELP OUT…if not, I’d like to stay where we are as we usually get some sort of bonus check annually plus other bonuses….we can easily use that to pay some of the debt off. Our mortgage company suggested 2nd mortgage and a friend told me about a consolidated debt loan…need some info please.