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Using Home Equity To Pay Off Credit Card Debt

Read: Why You Should Not Use Home Equity to Pay Off Debt. “If the money is being used to pay down credit cards or buy a car, then think twice.

First Things First: Pay-Off the Debt. After you receive the money, your next step is to pay off the credit card debt. Do it quickly and avoid the temptation to use the money for something else. Examine Your Spending. Once your debt is paid, it’s time to take a good look at your spending habits.

Credit card interest rates fluctuate and that unpredictability can wreak havoc on your budget and financial plan. Finally, the interest you pay on a home equity loan is potentially tax deductible. You can deduct interest on up to $100,000 of home equity debt when you itemize your deductions (subject to limitations based on income).

Using home equity to pay off debt may help you shed the burden of higher-interest student loan debt into a more manageable monthly payment, but it’s not enough to look solely at reducing your interest rate or monthly debt payments.

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When it comes to credit card debt, it can get overwhelming – and fast. The more you acquire, the more you may want to ignore it and delay paying it back. I know the feeling. I once accrued $10,000 in.

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Since you spend a home equity loan or line of credit on whatever you want lots of people like to use it to pay off their high interest credit card debt. This is a controversial topic as many financial experts don’t believe it’s a smart idea to put your home on the line, simply to pay off consumer debt.

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The big problem with using home equity to pay off debt has to do with the difference between secured and unsecured debt. Credit cards are unsecured meaning there is no collateral backing the card. If you fail to pay off your credit card you might have to put up with collection calls and damage to your credit score , but that’s about the extent of it.

When people try to pay off credit card debt, they'll consider almost any option. But using home equity is a dangerous way to get out of debt.

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