home equity loans to pay off credit card debt

There are two primary ways to access the equity in your home to pay debt: home equity loans or a home equity line of credit. A home equity loan can offer a lump sum of funding you could use to pay off or consolidate credit cards or other debts. A home equity line of credit is a revolving line of credit you can borrow against as needed.

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High credit card debt can cause stress and you may want to consolidate it into a lower interest rate loan. Is using a HELOC a smart way to do that? Dealing with credit card debt can be seriously.

Loans, especially personal and home equity loans. [Read: Best Bad credit loans.] credit cards. Credit cards can be a good option for major purchases if you earn rewards and can pay off the debt.

Only take a home equity loan out for as much as you need to pay off your debt. The same holds true for home equity lines of credit. This resists the temptation to use excess loan funds unwisely.

 · Pay off my credit card debt with home equity loan. Using a home-equity loan to satisfy credit card debt can be seen as essentially refinancing the debt. Doing so leaves the credit card accounts with previously outstanding balances with full available credit limits. This increases your credit score quite a bit, as your credit utilization ratio makes up nearly one-third of your total score.

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Pros and Cons of Tapping Home Equity to Pay Off Debt. Rebecca Lake. Transferring your high interest credit card debt to a card with a lower rate or taking out a personal consolidation loan are two options to consider but homeowners also have a third choice in the form of a home equity loan.

In fact, because of this generalization, some people make the decision to refinance their home mortgage in order to free up money to pay off credit cards. If you are considering doing this, realize that it’s rarely if ever a good idea to pay off credit card debt with the equity in your home.