Millions of Americans are currently being weighed down by a considerable amount of credit card debt. This debt makes it difficult for people to pay their bills and move ahead economically. Many people also believe that it will prevent them from being able to own a home and fulfill the American dream. But these individuals are mistaken. While credit card debt does hamper the ability of Americans to buy their own home, it does not make such a venture impossible. Individuals simply have to make different choices and work harder than their fellow citizens who do not have the same amounts of debt.

Have a plan

The best way for an individual to get a mortgage with a massive amount of debt is to have a reasonable, convincing plan to get a hold of that debt. They can craft such a plan with a company like Derby Advisors. They can then show their plan to a mortgage company and prove that they will be able to implement their plan. In the long run, mortgage companies and banks do not care what debts a person may have. All they care about is the ability of that person to pay off their mortgage loan. A reasonable plan will help convince the company issuing the mortgage that a person will be able to pay off their loan in a timely manner.

Always make payments

Anyone looking to get a mortgage with credit card debt must also make sure that they make all of their payments on time. It is true that having a considerable amount of debt lowers an individual’s credit score. But according to Derby Advisors, the worst thing that a person can do to their credit score is to miss a payment at any time. Missing a payment shows credit bureaus that an individual cannot be trusted to meet their obligations. A person who misses multiple payments with a considerable amount of debt is almost completely barred from securing a mortgage until they get their debts under control.

Find new revenue sources

Finally, new revenue sources are essential to securing a mortgage with debt. New revenue will decrease the percentage of an individual’s assets/income that is debt. With a new source of revenue or income, an individual will be able to more easily pay off their debt and look attractive to a mortgage issuing company. As a result, they will be in a better position to secure a significant mortgage. A person can do this by considering investments or part-time jobs outside of their normal working hours. Such jobs will reduce a person’s debt burden while also making them a significantly more attractive credit risk.

Conclusion

Credit card debt can hold a person back and can put back their life plans for years. But they do not make a mortgage impossible. An individual may have to go through more work and effort to secure a mortgage with a massive amount of credit card debt. But as long as they are able to convince a mortgage company that they can meet their obligations, they should be able to secure such a loan