We have a small business and used 2 major credit cards to the max, along with a line of credit, totaling $99,500 worth of debt.
We would like to consolidate the credit cards with a lower interest rate, and get a home equity loan combining our mortgage balance and line of credit balance. We could pay $1800 to $2000 per month on both loans combined. Is this feasible, and if so, can you recommend any debt consolidation companies in Pennsylvania? Thank you!
The non-profit credit counseling companies that offer a “debt consolidation” option do not make loans. The only place I know how to borrow money to consolidate your debt would be to take a home equity/refinance mortgage or an unsecured fixed rate loan of up to $25,000 through the peer-to-peer lender, LendingClub.com.
If you are looking to remortgage the property you should talk to a local bank or mortgage broker.