A home equity loan or home equity line of credit is a great way to pay down credit card debt and you can consolidate your debt when doing so, as well. Using a Home Equity Loan to Pay Off Credit Card Debt. One way to reduce or eliminate your credit card debt is with a home equity loan. You’ll get a lump sum at closing that you can use to pay off your credit cards.
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If you’re considering tapping your home equity to consolidate credit card debt, consider the pros and cons, as well as options that don’t risk your home.
They currently have sufficient equity in their home to pay off their credit cards via. In this case, it is often quite feasible to use these withdrawals rather than the home equity. Scenario 2,
If you use credit cards to pay for these expenses, you might be well on your way to racking up a mountain of debt. And while your mortgage is technically a type of debt, it’s the only one Dave Ramsey won’t give you a hard time about -as long as your payments aren’t more than 25% of your monthly take-home pay and you stick to a 15-year.
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Pay off my credit card debt with home equity loan. Therefore, using a home-equity loan can help you pay off your credit card debt much sooner, since less money goes toward interest. The interest charged on a home-equity loan is also tax-deductible for those who itemize deductions on their tax return.
The interest paid on that home-equity loan may still be tax deductible. you can still deduct the interest. But if you use the money to pay off credit-card debt or student loans – or take a vacation.
Using home equity to pay off debt may help you shed the burden of higher-interest student loan debt into a more manageable monthly payment, but it’s not enough to look solely at reducing your interest rate or monthly debt payments.
There are many, many problems with using home equity to pay off credit card and other high-rate debt. One of the biggest is that you’re turning consumer debt that could be discharged in bankruptcy.