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· When people try to pay off credit card debt, they’ll consider almost any option. But using home equity is a dangerous way to get out of debt. Here’s why.
Home Equity Loans and Home Equity Lines of Credit, sometimes called a HELOC, are a type of loan many individuals use to consolidate their high interest credit card debt. This type of loan may make sense for individuals that still have a relatively high credit score and documentable income to support the amount of the loan they are applying for.
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You can get a home equity loan or home equity line of credit (HELOC) to consolidate your debts and pay off your credit cards. The interest rate on both HELOC and home equity loans is tax-deductible. The interest rates are also much lower than those of credit cards; you may save enough even be able to upgrade a new Spanish tile roof!
I had $16,000 in credit card debt and 3 loans. I thought my payments were insurmountable. Loans Canada helped me consolidate my payments and pay it all off.
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High credit card debt can cause stress and you may want to consolidate it into a lower interest rate loan. Is using a HELOC a smart way to do that?
Understanding Home Equity. A home equity line of credit, also called a “HELOC”, is a second mortgage that gives you access to a pool of cash.
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The apparent advantage of using a HELOC to pay off credit card debt is that you can consolidate at a lower interest rate, even if you have poor credit. Another reason why a HELOC is appealing is that, like your mortgage payments, the interest you pay is tax deductible.
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Moving your debt from a credit card to a home equity line of credit, or HELOC, can substantially decrease the amount of interest you pay. Because a HELOC is secured by collateral — your home — it represents a smaller risk to lenders than other types of loans.
Home Equity Line of Credit Calculator. Do you currently carry high interest revolving credit on credit cards, cars & other personal loans? You may be able to leverage a home equity line of credit (HELOC) to lower your monthly debt payments.
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