Key takeaways
- You can use a HELOC to pay off debt, including credit card debt.
- You’ll generally have a long period of time in which to make the HELOC payments, and at a much lower interest rate.
- A HELOC isn’t your only option, and you should explore other avenues and their associated interest rates before you opt for one.
If you have a lot of credit card debt, you probably wish there was an easy way to pay it off all at once. For some people, a home equity line of credit (HELOC) provides the solution. Taking out a line of credit against your homes equity can help you consolidate and pay off old debt, and HELOCs generally offer significantly lower interest rates than credit cards.
That said, using a home equity line of credit to p…
Read the full article at: https://www.bankrate.com/home-equity/should-i-use-heloc-to-pay-credit-card-debt/