It’s true that interest rates on a home equity line are far lower than on the average credit card — 6% versus 11% — but you’ll still owe a lender money. Plus, you have also created a new problem. Should you lose your job and find that you can’t make your payments, you could lose your house.
Saturday, January 22, 2011
Credit Card Debt? Don’t Tap Your Home Equity to Pay it Off
It’s true that interest rates on a home equity line are far lower than on the average credit card — 6% versus 11% — but you’ll still owe a lender money. Plus, you have also created a new problem. Should you lose your job and find that you can’t make your payments, you could lose your house.
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