If you have a large outstanding debt on one or more credit cards, you may be struggling to bring that debt down. It can take years of making the minimum payment to actually zero out the balance,
Like a credit card, a HELOC is revolving debt. This means you can borrow against it, pay it off, then borrow again – just like you would with a credit card.
A Home Equity Line of Credit or HELOC program can help you pay off high interest loans and credit card debt and save thousands in interest.
3. Pay off credit cards or other debts. HELOCs or a home equity loan can be used to consolidate debts to a lower interest rate. Homeowners will often use home equity to pay off other personal debts such as a car loan or a credit card.
Many people struggle to pay off credit card debt. Interest that accumulates each month can make it difficult to make a dent in balances. Juggling multiple credit cards with different minimum payments.
Using a home equity loan for credit card debt works for some people but could lead to disaster, especially for those with trouble managing consumer debt. The biggest potential problem is that you convert a consumer debt, which doesn’t require collateral, into a home loan that does require collateral.
While a home equity loan does create another monthly payment, it will not extend the length of your existing mortgage. It will have an interest rate considerably lower than the rates leveraged by most consumer debt options, like credit cards or medical bills. Unlike a HELOC, home equity loans offer a fixed interest rate.
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Don’t Use Home Equity to Pay Off Credit Cards. Not long ago using the equity in your home to finance everything from vacations to consolidating debt was all the rage. On paper, it often seems like a good idea because you’re able to tap into some hidden money at an affordable low-interest rate.
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