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Too often people who tap their home equity to pay off debt wind up worse off in. But that huge amount of credit card debt indicates a serious problem that needs fixing, and another loan may not be.
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.
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Home Equity Debt Consolidation Loan Calculator This calculator is designed to help determine whether using equity in your home to consolidate debt is right for you. Enter your credit cards, installment loans and any other debt you wish to consolidate by clicking on the ‘Enter Data’ button for each category.
· DIY credit card debt management. On the front of each of your statements, the credit card company will have a box that shows you the payments required each month to pay off your balance in 3 years. The plan is simple. You pay the amount shown on your statement every month for 36 months until your balances are at zero.
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.
There are many methods to help pay off your debt, including credit card balance transfers, personal loans and home equity loans. These approaches can help you get a lower interest rate, which then reduces your monthly payment or shortens your payoff time. All have their pros and cons. Learn about each of these debt consolidation methods here.
In these cases, an equity line might be the better solution. You may be able to obtain a low rate of interest that is secured by your home. This will allow you to pay off credit card debt and potentially have tax deductible interest, depending on your circumstances. This might be better than paying 15% to 30% in credit card interest.
· 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.