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As foreclosures climb, debt consolidation may help manage bills
By Marvin Milner on Apr 16th, 2010
One unfortunate result of being too in debt is that a consumer could face losing their home, and a recent report shows more people may be facing that fate.
According to RealtyTrac, the number of foreclosure filings increased 19 percent in March when compared to numbers posted in February. In all, 367,056 properties faced a filing during the third month of the year, the highest total the company has seen since January 2005.
The number of foreclosures reported in the first quarter also increased when compared to the fourth quarter of 2009. Between the two, foreclosure filings increased 7 percent as more people find it difficult to stay current on their home loans.
Compared to the first quarter of 2009, foreclosures are up 16 percent. James Saccacio, CEO of RealtyTrac, said the month-to-month pattern seen in 2010 is similar to last year. Both years experienced a sudden climb in March.
While some consumers face foreclosure, other people in financial trouble may consider other options to avoid losing their home. For example, debt consolidation can reduce the amount borrowers pay in credit card interest, which can help them divert funds toward their mortgage.
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