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As more consumers catch up on mortgages, debt consolidation may help with other debts
By Marvin Milner on Apr 3rd, 2010
A recent report indicated that some consumers may be getting their finances back in shape, especially regarding their mortgages.
According to Bloomberg News, the number of people who managed to catch up on their home loan payments in February outnumbered consumers who went into default. Relying on data from Mortgage Insurance Companies of America, the news service said that 80,758 mortgages were caught up on payment, while 68,675 faced a default.
Macquarie Group analyst Matthew Howlett told Bloomberg that the report signifies that the mortgage industry may have turned a corner.
"The significance is substantial, it's enormous," Howlett said to the news organization.
However, some consumers may still be facing the prospect of not being able to pay a variety of loans. These people may consider debt consolidation.
Through debt consolidation, consumers can reduce the amount of interest they end up paying on their credit card debt. As a result, they may be able to use that money for things like mortgage payments.
Debt consolidation also makes bills easier to pay. Rather than get multiple statements in the mail, consumers get one, which is easier to keep track of.
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