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Ask Dave

Is It a Good Idea to Consolidate Debt into the Mortgage?

Leslie is about to get remarried and has $34,000 in debt. Should she take that $34,000 debt and put it on her mortgage to consolidate it?

QUESTION: Leslie in Canada is 38, single, and has three kids. She is about to get remarried and has $34,000 in debt. Should she take that $34,000 debt and put it on her mortgage to consolidate it? Leslie makes $65,000 a year, and her new husband will make $100,000 a year. Dave explains why he wouldn’t do that at all.

ANSWER: Definitely do not consolidate this debt. You guys need to roll up your sleeves and get on a budget. You have a huge income, so you should attack that debt and get it paid off very quickly. But don’t do a debt consolidation.

As a new couple, learn to work on a budget together and push things together. It’s a great exercise for a new marriage—for the two of you to be on that written plan together and combining your incomes with the goal of being debt-free. That makes a ton of sense.

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