North Bellmore, NY -- (ReleaseWire) -- 01/03/2007 --You here it all the time, consolidate your debts and you’ll save money. Many people believe that debt consolidation is saving money. But, Nationally recognized mortgage expert & host of the popular radio show “Your Home Your Money” on 54AM WLIE, Saturday Mornings at 10AM, Marc Savage says “Lowering your payments isn't saving money. Saving money is saving money.”

“Now, what most people do when they consolidate debt is really they just move the debt around, so you take your credit card debts, your car loans, your personal loans, your overdraft lines of credit, all your different debts, mostly non-tax-deductible debts, and combine them with your mortgage. Now there are certainly some advantages here. You'll usually get a lower rate than credit cards, lower monthly payments than there would be on a credit card, and of course the fact that the mortgage is most likely tax-deductible.”

Marc Savage says “Here's the reality, if you consolidate all this debt, and you lower your monthly payments but you continue with the same spending habits, you're going to end up right back where you were before. What ends up happening is, you now have extra money to spend each month, so you start thinking “I can afford that new plasma TV, I'll just finance that on a credit card.”, the next thing you know you're right back where you were, in the same hole.”

So what’s the solution here? You need to do is sit with a professional mortgage planner and create a debt management plan. Not someone who just consolidates the debt, and says “okay, well, now we've consolidated all your debt we'll see you in about a year from now when you've run your credit cards back up, and you need to refinance again.” The goal is to actually put together a plan so that doesn't happen. “Yes, you should see your planner a year from now, but that's for the annual review, not to refinance your credit card debt. “ Says Savage

North Bellmore, New York - based mortgage expert Marc Savage specializes in working with New York residents to create a financial plan to not only lower their monthly payments but actually use that savings to create wealth and a debt free way of life.

Marc Savage is available for interviews and will welcome all your mortgage related questions.

Call 516-326-5310 Ext.101 for a Free No-Obligation Consultation or visit:

http://debtratrace.org