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October 20, 2006, Newsletter Issue #36: Using a HELOC for Credit Card Debt Consolidation
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Tip of the Week
If you are a homeowner burdened with credit card debt, you may be able to relieve yourself from those monthly payments by using a HELOC (Home Equity Line of Credit) for credit card debt consolidation. Today, HELOCs have interest rates that very few credit card companies can offer. If you have established equity in your home, chances are you can make that equity work for you by using to pay off your credit card debt.
Many people think of credit card debt consolidation only as taking on a new card to consolidate others. However, credit cards are not the only money that is there for borrowing. The security of borrowing your consolidation funds from the equity in your home means that it will be paid back at some time. Even if you wait until you move or sell your home, those funds will be repaid. However, if you use a single credit card for credit card debt consolidation, you may never actually pay it off.
Talk with a mortgage broker or lending website if you have some built up home equity as well as credit card debt. Credit card debt consolidation could be the best financial move you ever make.
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