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1. www.reddit.com › comments › 1dr2fbqCredit Card Debt : r/PersonalFinanceCanada - Reddit

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   I’m thinking of filing a consumer proposal in order to make my monthly payments manageable for the next few years so that I can pay off my debt at a realistic pace and build up my savings again Only thing is that 1 of my 2 mortgages is up for renewal in Oct 2025 (the other is in 2029 and carries the majority of the balance).

2. People also ask

   Will credit card debt affect my mortgage application?

   • If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application.

   Will credit card debt affect my mortgage application?

   www.moneysense.ca/spend/real-estate/mortgages/how-does-credit-card-debt-affect-a-mortgage-application/

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   Should I consolidate credit card debt into my mortgage?

   • There are other things to consider in choosing your strategy for consolidating credit card debt into your mortgage. For example: Many lenders require you to leave 20% equity in your home after cashing out. They will also want to ensure that your new monthly payment works within your debt-to-income ratio.

   Can You Consolidate Credit Card Debt Into Your Mortgage?

   www.mrcooper.com/blog/can-you-consolidate-credit-card-debt-into-your-mortgage/

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   Can You consolidate credit card debt with a VA loan?

   • VA loans allow up to 100%, depending on the state. That said, using home equity to consolidate credit card debt into your mortgage won’t reduce your total debt. You’ll have less of a balance on your cards, but more on your home loan. The equity you took out as cash will be added to your new mortgage’s balance.

   Can You Consolidate Credit Card Debt Into Your Mortgage?

   www.mrcooper.com/blog/can-you-consolidate-credit-card-debt-into-your-mortgage/

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   What happens if you consolidate debts into a mortgage?

   • The equity you took out as cash will be added to your new mortgage’s balance. One of the biggest benefits of consolidating debts into your mortgage is taking advantage of mortgage rates. The average interest rate on credit cards today is well over 20%. “Penalty rates” are even higher for late-payers or those with poor credit.

   Can You Consolidate Credit Card Debt Into Your Mortgage?

   www.mrcooper.com/blog/can-you-consolidate-credit-card-debt-into-your-mortgage/

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