Why keep paying on that high interest credit card debt when you have a way to pay it off? A home equity line of credit is secured debt, and so almost certainly carries a much lower interest rate than that credit card you are holding! Your life can also be a lot simpler when you cut 5 credit cards in half and only pay off one bill every month. Did we mention that bill to pay off your home equity line of credit will almost certainly be lower than your 5 credit cards? Oh, we did!
Oh don’t forget about taxes, especially as the year draws to a close! Most borrowers can deduct the interest paid on their home equity line of credit. Now, you cannot do that with your credit card interest can you? Of course, I am not a tax professional, so you need to make sure you qualify, but most borrowers do!
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