home equity line of credit to pay off credit cards

6 Terrible Uses for Your Home Equity Line of Credit — The. – Paying off credit card debt For many, the option to consolidate credit card debt with a home equity line of credit seems like a no-brainer. Unfortunately, the cost of that decision oftentimes ends.

Lowering your interest rate: HELOC vs. 0% credit card – Close the old credit card account as soon as you pay it off with the new credit cards or the home equity line of credit. Try not to get a higher line of credit than you need.

Home Equity Line of Credit Versus Credit Cards – January 30, 2011 – Because of the favorable interest rates and tax savings, some people advise using a home equity line of credit to pay off high-interest credit card debt. If you find yourself not paying your credit card in full each month, then it might be wise to use your home equity line of credit to consolidate and pay off your debt.

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Home Equity Line of Credit: This option adds more flexibility for the homeowner, giving the individual a greater sense of maneuverability than is the case with a loan. Using one’s home as collateral, the homeowner can borrow as much or as little as he/she needs, though, like the loan, the bank will per-determine a borrowing limit.

Home Equity Loan & Line of Credit | Listerhill Credit Union – With a Home Equity Loan or Line of Credit from Listerhill Credit Union, you can renovate your home or build a family pool.. Conveniently pay off your loan through Online or Mobile Banking, automatic payments, or your local branch.. Report a lost or stolen credit card by calling 1-800-449.

Using a Home Equity Loan to Pay Off Credit Cards – I took out a home equity loan to pay off my credit cards. In 1998, I had more than $16,000 in credit card debt. I applied for – and was granted – a home equity loan. I used this money to pay off my outstanding debt. I cut up my credit cards. When I was certain that my balances were paid in full, I cancelled the accounts.

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Pros and cons of using a home equity loan to pay credit card debt. Using a home equity loan to pay credit card debt may allow you to get rid of multiple payments and lock in a lower interest rate. Depending on the lender and the terms of the loan, a borrower can have funds in hand in as few as two weeks, although 30 to 45 days is more typical.

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