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The money you borrow on your home will,usually have a lower interest rate than credit cards. This may reduce your monthly repayments, because you are borrowing over a longer period of time. Plus you are not adding to that debt every time you run to the store. You can use your spread sheet to test different possibilities and pick the result that works best for you. The effect of moving your debit around will be very clear and help you make an informed decision. The budget spreadsheet is a great financial planning tool. Unless you have huge amounts of untapped equity, market conditions may make it hard to get an equity loan right now. Borrowing guidelines are much more stringent and look to stay that way for some time. If you are deeply in debt you may not be able to use this technique. The main thing to consider of course, is what will work best for you. You don't want to go into foreclosure because it could take five years before you get another home loan. Debt reduction is going to take time no matter how you do it, so if you have to go slower and not borrow against your home that may be the most secure option. If your budget shows that you will not be able to make the additional mortgage payments then it is time to consider other options. Like any big task you tackle it a little at a time. Over a short period of time all those little actions will add up to big savings. Use that budget to see where you could make some cuts and save some money. You'd be surprised over a period of time how these could add up. Then take that extra savings and start applying it to pay off the balances of your most expensive cards. Your new financial attitude will make this easier. The home is usually our most valuable asset. It is a great tool to help you lower your debt. You should always do all you possibly can to retain ownership of it.
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