Many of us have credit card debts that we never seem to pay off. We intend to borrow the money for short term purchases but, the debt grows until the principal becomes long-term debt.

We are far better off having long term debt in our mortgage as the interest rate is often significantly lower.

Implementation and cost

  1. Accept that your credit card debt is now a long-term debt that you can’t pay off immediately.
  2. Borrow money from your mortgage to pay off your credit card debt. The lower rates will save you a lot of interest expense each month.