pay off credit card debt with home equity loan
Is a home equity loan or line of credit right for you?. A home equity line of credit – also known as a HELOC – is a revolving line of credit, much like a credit card.. the end of a loan – may lead you to borrow more money to pay off this debt,
When you’re struggling with debt, it’s easy to go for the solution that will bring you the quickest relief. Many people choose to refinance their home and roll credit card debt into the new mortgage in order to get the cards paid off and start with a clean slate.
"Utilizing a HELOC to pay off credit card debt is not a wise choice for most Americans," says Stella Adams, chief of equity and inclusion for the National Community Reinvestment Coalition. That’s because defaulting on your HELOC payments can result in the bank repossessing your home.
Say you have $20,000 in credit card debt at 15% interest. That would require 10 years of $323 monthly payment to pay off. If you got a $20,000 home equity loan at 4.79% interest, your monthly payments for 10 years would be $210.48. That’s a savings of $13,502.40.
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