A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There are also mortgage companies that will loan a little over the equity you have in your home. They can usually do this safely because most homes appreciate in value over time.
If you have credit card debt at a high interest rate, or even at an average rate, you may want to consider getting a home equity loan to consolidate your credit card debt for a few reasons.
1. Having the credit card, but not being maxed out, or having the credit card paid off will boost your credit score. The amounts you owe make up about 30% of your credit score, that could be a huge difference if those accounts are paid off.
2. You View the rest of this article
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