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When refinancing and consolidating your credit card debt you typically save money each month which can then be used to pay down your mortgage faster. Oct any of the following situations may indicate it is a good time to refinance the auto loan you received with poor credit. Oh, sure, you can borrow more against your home to pay off the new debt - thus whittling away the amount of equity that's available to you in an emergency, and ensuring that you continue to pay hundreds or thousands of dollars a year in interest to your lender

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