Purchasing a home is one of the most exciting – and stressful – times in a person’s life. There is, of course, the tremendous anticipation of knowing that your life is about to change and a new chapter is about to commence. And with that often comes the trepidation about starting a new life in a new home, and sometimes in a new city or state. Obviously, what can make a purchase of a new home so challenging is the finances involved. Making a purchase of this magnitude most likely will require being approved for a mortgage; and being approved for a mortgage means having your financial ducks in a row.

Savvy homebuyers understand that it serves them best to have their finances worked out long before they begin shopping for a home. What many Americans will face during this process is the reality of their credit card debt, as well as the reality of what that debt has done to their credit score. The credit score is a cumulative number assigned to your financial situation – debt to income ratio, the amount of your combined debt, and any history of late payments or bankruptcies. A good credit score can allow you to get a lower interest rate mortgage that can mean affordable monthly payments. A less than ideal credit score can begin to raise the mortgage interest rate that is available to you; or, in some more serious cases, prevent you from getting a mortgage at all. Many prospective homebuyers in this situation choose to investigate debt relief programs long before they even begin their house hunting.

Debt relief agencies have continued to crop up all over the country in response to our growing debt and our need for financial assistance. Debt relief comes in many forms – but often focuses on the elimination of credit card debt, the accumulation of which can lead to financial trouble and negatively impact your credit score.

A credit card consolidation may involve the transferring of multiple credit card balances to one, lower-interest credit card. This lowered interest rate allows for a lowered monthly payment and the opportunity, therefore, to put more towards the pay down of the principal debt – speeding up the process, putting cash in your pocket, and raising your credit score. Further, a debt relief agency may recommend performing a credit card consolidation through the procurement of a personal loan, rather than another credit card. In either case, such an agency will help you look at the reality of your debt, advise you on whether a credit card consolidation will benefit you, and put you on the road to an affordable mortgage payment for the house of your dreams.

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