Below are four common but ill-advised "solutions" for credit card debt: 1. Take a cash advance on another card. The expression "robbing Peter to pay Paul" comes to mind with this one. For starters, taking a cash advance on a credit card is a very expensive proposition.
DIY credit card debt management. On the front of each of your statements, the credit card company will have a box that shows you the payments required each month to pay off your balance in 3 years. The plan is simple. You pay the amount shown on your statement every month for 36 months until your balances are at zero.
Benefits of a HELOC Versus a Credit Card. The interest on a HELOC can usually be deducted from your taxes. Provided the total debt isn’t more than the fair market value of your home, up to $100,000 usually qualifies as a tax deduction. consult a tax advisor to find out how this may apply to you.
Michele Lerner. Transferring your high interest credit card debt to a card with a lower rate or taking out a personal consolidation loan are two options to consider but homeowners also have a third choice in the form of a home equity loan. Going this route can be cost-effective in the long run but it’s not without its dangers.
You’ll need to have more home equity than debt, and sufficient income to repay the loan. Personal finance experts often urge consumers to think twice before turning to home equity to pay credit card.
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Now you want to tap into it; maybe you want to use the money to pay off high-interest credit card debt, help fund a child’s college education, or take on a major kitchen remodel. You have two choices.
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This article will focus on why it is often smart to use a home equity loan for debt consolidation, opposed to the more popular HELOC, or a cash-out refinancing. Consolidating Debt It is common for consumers to have some amount of credit card debt spread out over different providers.