Consolidating credit card debt definition
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Prior to 2008, it was not a problem for a home owner to get cash out refinancing or take out a home equity line of credit (HELOC), to pay off higher interest credit card debts.
Bank of America is a good example of offering high limit and low interest balance transfer credit cards.
This was at the height of the credit fueled crack up boom that came to an abrupt halt in 2008.
Credit card lenders just came through the highest default and charge off levels they have ever seen.
As a consequence, it can be more difficult to qualify for debt consolidation loans from major banks, and even your local credit union.
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If you do have enough equity in your home, you may look to consolidate credit card debts by taking out a HELOC or the cash out refinance option.
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