Your home equity will not be available to use. People often use the accumulated equity in their homes to help fund their next home purchase. By tying up the equity in your home you reduce the money available to pay for a new home. You pay more over the long-term. Although debt consolidation loans feature low monthly payments, the loans are extended over an extended period of time, so you end up paying substantially more in interest payments.
CCCS urges people to explore all options before choosing a home equity debt consolidation loan.
Consumer Credit Counseling Service of the Gulf Coast Area Inc. is a non-profit, community service organization that provides professional financial guidance, counseling and debt management assistance to consumers. Headquartered in Houston, CCCS of the Gulf Coast Area, Inc. has offices in Brazos County, Southeast Texas, Deep East Texas, Southeast Houston, Northwest Houston, East Harris County, West Houston, the Brazosport area and Fort Bend, Montgomery and Galveston counties. CCCS is primarily funded by national, regional and local creditors and businesses. Services to consumers are available in person and by phone. Spanish speaking counselors are available.