Debt Consolidation: How To Use Home Equity To Consolidate Your Debt

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.

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Home equity loans give you the money to get those creditors off of your back. Instead of being burdened by them in the future, you are able to pay off the debts in full and take a fresh start. The nice thing about this kind of restructuring to consolidate debt is that you will get organized.

If so, the real roof over your head may provide the best way to eliminate credit card debt. You can get a home equity loan or home equity line of credit (HELOC) to consolidate your debts and pay off your credit cards. The interest rate on both HELOC and home equity loans is tax-deductible.

Why using home equity is your riskiest option. The biggest risk of consolidation is only faced when you use a home equity loan or HELOC. You’re taking unsecured debt and securing it as your borrow against your home equity. If you fall behind on credit card payments, they can threaten as much as they like, but a creditor can’t take your home.

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OTTAWA -A home equity line of credit may be a cheap and easy way to borrow money to pay off your lingering holiday bills. the credit counselling society. Hannah says consolidating high-interest.

If you are prepared to pay off credit card debt quickly and avoid future debt, using home equity may be a good option for consolidating debt. This method of debt consolidation involves borrowing against the value of equity in a home. Equity is the difference between your home’s appraisal value and the value of your mortgage.

However, you’ll likely pay a higher interest rate on that debt then if you use your home’s equity. In addition to the lower interest rates, another huge advantage mortgages have over paying the interest through the credit card itself or even a personal loan is the fact that mortgage interest is generally tax-deductible .