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Ideally, you want to get a line of credit to pay off credit card debt that has two things: a limit greater than the total amount of credit card debt you owe. So if you have 4 credit cards with balances of $2500, $3400, $600, and $7000, you’ll need a line of credit with a limit of at least $13,500 to consolidate your debt.
A home equity line of credit, or HELOC, is a type of home equity loan that allows you to borrow cash against the current value of your home. You can use it for individual purchases as needed up to an approved amount, kind of like a credit card.
This is why it’s so hard to pay down credit card debt. 3. HELOCs are hard to PAY OFF. If you thought paying off a bunch of credit cards was tough, try paying off a big ‘ol HELOC. Refinancing doesn’t always solve the problem either. The reason is the artificially low "interest only" payment on the home equity line. Let’s say you want to refinance.
One of the big motivations in the past for taking out a HELOC to pay off credit card debt is that it’s one way to turn nondeductible, consumer debt interest into a deductible interest expense. Under the new tax law, that loophole is gone – effective immediately.
Credit Cards News & Advice News 4 wrong ways to escape credit card debt.. Get a home equity loan and pay off everything OK, this one isn’t so terrible – IF you have financial discipline and are willing to put your house at risk. There are pluses, such as a lower interest rate and.
Somewhere out on this vast planet of ours, in an unknown location, sits a call center where the workers telephone texans and.
With a home equity line of credit, I’d be approved for the entire $25,000, but I’d only be charged interest on the amount I used. I’d use $17,000 to pay off my credit cards immediately and have the option of borrowing on the additional $8,000 if and when I needed it.
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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.