Consolidating first and second mortgage loans

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But there are pitfalls and drawbacks to simplifying your finances this way.

Once you have signed on to the agreement, there is no backtracking.

Similarly, consolidating can make your budget more manageable by lowering your minimum monthly payment.

In the example above, let's say the three cards required minimum monthly payments of $129, $106, and $92.

Consolidation is not a magic bullet that gets you out of hot water or causes your creditors to disappear.