Consolidating debt with a home equity loan

That can lead to a domino effect where you miss payments, your interest rates get raised, and then you can’t stay above water.

A consolidation loan can sometimes lower your monthly payment, and that can give you enough breathing room to get back on track.

One consolidation option available to homeowners is a home equity line of credit.

But what is a HELOC, and is it smart to use one to deal with your credit card debt?

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.

We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances.

The University of Illinois has listed out the advantages and disadvantages of home equity loans. One benefit of taking out either a fixed rate home equity loan or HELOC on your property is that the interest on debt you pay off, such as credit cards is now usually tax deductible.

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We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Dealing with credit card debt can be seriously stressful.

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