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Debt consolidation is a simple idea that makes a lot of sense. Through the process, you can simplify bill paying, and reduce your monthly payments to a more manageable amount. |
 Pay off high-interest bills. Get one low monthly payment. You could save hundreds of dollars in interest and taxes! |
If you could live more comfortably with lower monthly payments, and you have a fair amount of monthly obligations, debt consolidation is a smart choice for you.
The process of debt consolidation.
Most homeowners choose a home equity loan or line of credit to consolidate debt. The advantages of choosing a home equity product to consolidate debt are clear. You can have one low payment that saves you money every month and any interest you pay is potentially tax deductible on your federal income taxes.
You can save money.
It all depends on your current monthly payments. First Horizon Equity Lending has helped our customers save $400, $500 or even more every month. It's not uncommon for consolidation to cut one's payments in half.
Here's a debt consolidation example for clarification:
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| Description | Balance | Monthly Payments |
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| Current Home Loan | $64,000 | $816 |
| Car Loan | $12,000 | $279 |
| Credit Cards | $5,000 | $182 |
| Other Debts | $4,000 | $129 |
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| Current Total | $85,000 | $1,406 |
| Consolidation Loan from FHEL | $85,000 | $696 |
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Monthly Savings 4$710 |
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The debt consolidation applicant lowered his monthly payments by $710, or a yearly total of $8,520! That shows the power of debt consolidation!*
Final thoughts.
Consolidating your debt can give you the freedom to save, invest, and plan for your retirement. It can also multiply the power of your income, letting you keep more of your own money. And when you choose a home equity loan or a home equity line of credit, you can potentially save on taxes. That's smart financial management.
So why not take advantage of all the benefits? Apply using our Quick Start Form today!
*Based on $85,000 consolidation loan for individuals who qualify for 5.53% APR rate; term is 180 months, with total payments of $125,137.80. Based on an 80% LTV.
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· Apply Online: Debt Consolidation
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