Should I pay off my credit card debt with a home equity loan? [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
Home equity loans and home equity lines of credit (HELOCs) have lower interest rates than credit cards. That can lead some homeowners to use them to pay down large credit card bills. But this method isn't foolproof: Most notably, you're trading an unsecured debt for a secured one that uses your home as collateral. If you fail to make on-time payments, your lender could force you into foreclosure In addition, most home equity products have minimum draws that can be as high as $35,000, so if your credit card bills are significantly lower than that, it might not be the right move. We look at the benefits and pitfalls of using your home to pay off high-interest debt. How to pay off high-interest debt with home equity If you own your home, you can take out a home equity loan or a HELOC and use the funds to pay off high-interest debt, like credit card bills or private student loans. A home equity loan gives you a lump sum payment with a set period to repay it, usually between 1
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