Refinancing to Pay Down or Consolidate Debt

Americans have accepted living with debt. According to, as of October 2015, the average U.S. household consumer carries $16,140 in credit card debt and $31,946 in student loan debt. Additionally, credit card interest rates can vary between 13% and 16%, which increases the amount owed unless paid down significantly. And if you include the average auto loan, that’s another $28,711 being financed (per

Clearly, these are large and intimidating financial figures for the majority. It’s understandable that most people would want to pay off these obligations as quickly and efficiently as possible and at the lowest interest rate as they can.

That’s why many people investigate the option of refinancing their existing mortgage. If this is the right option for you, CrossCountry Mortgage will be there to help you get pre-qualified and support you through the refinance process.


Advantages and Disadvantages

Let’s take a quick look at the advantages and disadvantages to gauge your need to refinance.


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