Borrow against your home to pay credit card debt?
News from Fox Business:

Should home equity be used to pay down credit card debt?

If you have equity (cash value in excess of loans against it) built up in your home, good for you! You’ve been doing a good job of managing your money in the homeownership department. And, you’re still coming out on top in view of the slide in home values. Therefore, you have the ability to borrow against what is likely your largest asset, your home, in two ways. You may choose to secure a home equity loan in a lump sum, or you may choose a home equity line of credit (HELOC) to draw from as you need it.

The difference between loans and lines:

Home equity loans are usually obtained by borrowing a fixed amount, for a fixed period of time, at a fixed interest rate. They are like a second mortgage.

HELOCs work more like a credit card. You work with your banker to establish how much of a home equity li…………… continues on Fox Business
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Related News:

Know the Details on All Credit Card Debt
News from LoanSafe:

(Source: Tulsa World by Phil Mulkins) – Dear Action Line: My kids got off on the wrong foot with credit cards. Please spell out how debt is established, continues growing and is finally paid off. – Mom, TulsaCredit card debt starts with a whimper and ends with howls of anguish. Bill Hardekopf, CEO of and author of “The Credit Card Guidebook,” says all card users should look at their monthly statements for each loan and write down their balances, interest rates, credit limits and payment due dates. The first step in getting out of debt is understanding what you owe and what you are paying.

APR: “The biggest factor in your credit card debt is the APR (annual percentage rate),” he said. “Most issuers offer a tier of interest rates. The rate you receive is based on your credit score, but you will not know what your rate is until after you apply. The higher your interest rate, the more you will pay the iss…………… continues on LoanSafe

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