Bad Credit Mortgage Refinancing

November 24, 2010

Debt is one of the major stress-causing problems in the United States these days. This is also one of the reasons why families disintegrate, friendships crumble, and personal economy regresses. Hoffman Brinker and Roberts published credit card debt statistics in their website, some of which are shown below:

  • The average credit card debt per household is about $15,700.
  • The US Census Bureau reports that U.S. Citizens have over $886 billion in credit card debt in 2010.
  • In 1990, the average household’s credit card debt was $2,966. In 2007, however, it went up to $9,480.
  • $59.1 trillion worth of liabilities was incurred by the U.S. Federal government which translates to roughly $516,000 per U.S. household.

This is how rapidly liabilities and debt increase every day.

Mortgage Refinance with Bad Credit

If you would take debt problems to a Financial Consultant, you will always be told that debts are byproducts of mismanaged finances.  How then can one recover in case he or she gets entangled in it? One option growing in popularity these days is bad credit mortgage refinancing.

Bad credit mortgage refinance is when one applies for a loan in order to pay off another loan secured against the same properties, assets, etc. It is effective only when the latter loan made is offered at a lower interest rate compared to the original loan. [Read more]