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Since you’ll be paying off all of your credit card debt, you’ll have all of your credit limit available. This typically increases your credit score fairly quickly. Another benefit is that you can receive a home equity loan tax deduction on the interest of the loan, which you can’t do with other debt management options.
“By paying off the credit card and moving that balance to a HELOC, you’ve reduced the amount of interest that will stack up and will be able to pay off the debt more quickly as a result.”.
Using a Home Equity Line of Credit to Pay Off Credit Card Debt A home equity line of credit (HELOC) is similar to a home equity loan and, like most financial products, has its pros and cons . Your maximum credit line on a HELOC is also determined by the amount of equity you have in your home.
How I Used My Home Equity to Pay Off My Credit Card Debt.. The current annual percentage rate (APR) I could get for a HELOC is 4.127,
A HELOC is not your only option to pay down unwieldy credit card debt. mcclary encourages consumers to explore other choices, including transferring the debt to a new credit card. This works best.
In fact, knowing when to use a credit card can actually pay off later. If you’re trying to get out of debt-especially if you’re. “Often times a home equity line of credit offers more affordable.
Take note of the interest rate of each debt; some student loans, for instance have a lower interest rate than home equity loans can offer, so you might opt not to use a home equity loan to pay off.
Consider a Credit Card Cash Advance Before you skip past this. is the compounding interest rates that will pile up as you.
The downside: you’re risking your home. If you’re OK with that risk, a home equity loan may be a better option for paying off credit card debt because you lock in the interest rate and payment amount.