2006-08-18 14:05:57 · 6 answers · asked by KELLY R 1 in Business & Finance ➔ Credit
It is good only if the interest is lower than that of the credit card. If the interest on the home equity loan isn't lower than the card interest there's no point in doing it. If it is lower, don't waste time asking questions, pay off that card debt with the home equity.
2006-08-18 15:04:21 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
I assume when you say "fledxline" you'r talking about a home equity line that is like a credit card. Be careful as it gives you the opportunity to spend more.
If you simply refinanced your mortgage, you wouldnt be tempted-- 10K would raise your average mortgage payment by about $60. (depends on your intersted rate of course) but this could definitely save you money.
2006-08-18 15:42:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A pro to doing this would be lower interest rate, and the interest would be tax deductible. But this route would be beneficial only if you cut up a majority of your credit cards and did not run them up again.
2006-08-18 18:19:35 · answer #3 · answered by what the heck? 3 · 0⤊ 0⤋
yes, that would help you, but, it also gives you the opportunity to spend when you shouldn't.......maybe you should consider a simple equity loan and include it in your present mortgage. that amount of money would only raise you payment about 1.75 a month
2006-08-18 14:14:14 · answer #4 · answered by caddy girl 3 · 0⤊ 0⤋
if you like robbing peter to pay paul.
2006-08-18 14:09:26 · answer #5 · answered by Anonymous · 0⤊ 2⤋
yeah i think so
2006-08-18 14:09:06 · answer #6 · answered by Benedict 2 · 0⤊ 1⤋