A home equity line of credit is similar to a credit card in that you have a revolving line of credit that you can use, pay off, and use again.
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.
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As an added bonus, interest you pay on a home equity loan is usually tax-deductible since it’s essentially the same as taking out a second mortgage on your home. A home equity line of credit or HELOC works a little differently in terms of the interest, since they tend to come with a variable rate.
You could pay for a major kitchen remodel, pay off your high-interest-rate credit card debt or help cover the cost of your children's college tuition.
With credit lines ranging from $500 to $10,000, cards can be used to pay for things you don’t have the money for upfront, for example, a new refrigerator or dishwasher. Instead of getting another type of loan, you can use a credit card and pay for it over time. Credit cards also are good for people looking to build their credit.
Many experts suggest only opening a HELOC to consolidate and pay off high-interest credit cards. A Line of Credit Could.
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4. Take out either a home equity loan or a home equity line of credit. A home equity loan can allow you to pay off your debt, but so can a home equity line of credit.
Home equity loans and HELOCs are popular ways to pay off credit card debt, but only if you own your home AND have sufficient equity in it. If so, here are some of the pros for consolidating credit card debt with a home equity loan or HELOC.
A home equity line of credit, or HELOC, is a line of credit you take out from a lender. The amount of your credit line depends on how much equity you’ve built up in your home. Usually, banks will lend customers with good credit up to 85% of your house’s assessed value, less the amount you still owe on your mortgage.
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