home equity loan pay off credit card debt

Home equity loan – Wikipedia – A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral.The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education.

I’m 48 and have 28k in credit card debt. I make 78k. I would like to take out a home equity loan to consolidate. It’s 7.34% for 15 years. Is this a wise move? After taxes, my take home pay is $3,772 a.

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If you’re making regular payments on your home equity loan or line of credit, you may be searching for a way to pay off your debt sooner and pay less interest over the life of the loan. Creating a home equity payment plan and sticking to it could provide the help you’re looking for.

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Home Equity Loans. Sometimes savings aren’t enough and you need extra cash to cover major expenses. If you have a big one-time purchase with a set amount – tuition, renovations, medical expenses – a home equity loan can help you cover it.

If you have credit card debt and equity in your home, you may want to consider a cash-out refinance to pay off that credit card debt. PenFed can help.

Credit Card Debt: Should I Borrow Against My 401(k) or House? – If you’re saddled with a lot of high-interest credit-card debt, you might be tempted to pay it off quickly by borrowing from your 401(k) or taking out a home equity loan.Not so fast. Borrowing from your 401(k) "should really be considered a last ditch effort," says Colorado Springs, Colo. financial planner linda leitz.

On the other hand, one of the great advantages to using a home-equity loan to pay off your credit card debt is the low interest rate afforded to these secured loans.Most home-equity loan rates are.

Stupid or Smart? (Getting a Loan to Pay Off Debt) | PT Money –  · Funny – I was just thinking about this today. Yes, we did take out a loan to pay off credit card debt some years ago. It was such a false sense of accomplishment because we felt that we had eliminated the credit card debt , but had the additional loan payment to make every month in addition to our mortgage payment.