heloc to pay off credit card debt

A HELOC is not your only option to pay down unwieldy credit card debt. McClary encourages consumers to explore other choices, including transferring the debt to a new credit card. This works best if you have a healthy credit score and solid overall finances.

“By paying off the credit card and moving that balance to a HELOC, you’ve reduced the amount of interest that will stack up and will be able to pay off the debt more quickly as a result.”.

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To help you avoid these mistakes, we consulted money management experts for their tips on the smartest and dumbest ways to pay off credit card debt. Here’s what they had to say. If you’re considering.

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I am $10,000 underwater in a 4.8 percent mortgage. Is it worth it to refinance my mortgage loan so we can pay off $4,000 in credit card debt at 24 percent interest? Dear Kay, No, it’s not worth it to.

Using a home equity loan to pay credit card debt may allow you to get rid of multiple payments and lock in a lower interest rate. Depending on the lender and the terms of the loan, a borrower can have funds in hand in as few as two weeks, although 30 to 45 days is more typical.

Simply paying the same amount now will accelerate your payoff, however, if you go one step farther and put your entire pay check into the HELOC every pay period, use a credit card to pay your.

I also have some credit card debt that I need to pay off and I want to do some renovations to the house. A friend told me I should use a HELOC, but when I did.

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A home equity line of credit, or HELOC, is a loan based on your home's. personal loans for debt consolidation, such as paying off credit card.

If you have credit card debt and equity in your home, you may want to consider a cash-out refinance to pay off that credit card debt. PenFed can help. We use cookies to provide you with better experiences and allow you to navigate our website.

BOSTON (CBS) – Not prudent. Just not prudent. I know the temptation is there. The ads tell you its easy money and why not use some of that equity in the house that is just sitting there ripe for the.