YOUR CREDIT RESOURCE: Is a credit card or loan best for smaller home repair …
News from Rapid City Journal:

Q. We’ve had a lot of storms in our area, and as a result, we’ve had some water damage to our floor. Insurance will cover part of the cost of replacing our floor. We anticipate that we’ll need another $ 5,000 to cover the remaining cost of a new floor. We wanted a home equity loan, but we were surprised that our lender will charge us more than $ 500 in fees, plus interest, for a loan. Should we go ahead with the loan?

A. If you were going to borrow a significant amount of money, taking out a home equity loan might be a good option. However, when you are borrowing a smaller amount, such as $ 5,000, a home equity loan may not be the best choice. When you take out a home equity loan, your home is your security. Your lender will want to conduct an appraisal to find out the value of your home. You’ll also pay other fees when you take out a home equity loan, such as origination fees and credit report fees.

There are other options if you can pay off the $ 5,000 in 12 months or le…………… continues on Rapid City Journal
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Consumers’ credit card debt rises again on higher spending
News from Debtmerica Relief:

Recent data shows that consumers are once again spending more money on their credit cards, leading to higher debt levels, the likes of which haven’t been seen since the recession ended.

The latest 2011 Credit Card Debt Study from the consumer comparison site CardHub.com revealed that consumers added $ 18.4 billion in credit card debt during the second quarter, up 66 percent from the same period in the previous year, and 368 percent more than 2009’s second quarter, according to a report from Daily Finance. Americans are expected to end the year with $ 54 billion more owed on their credit cards than they starte…………… continues on Debtmerica Relief
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