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 e all hit stumbling blocks on the road
to financial independence. Rescuing your credit and getting
out of debt requires discipline and controling your living and spending  habits. From time to time it may be necessary to restructure your debt by utilizing the
equity in your home.The interest rate on a new mortgage is typically much lower than that of any credit card or auto loan, and in many cases the interest is tax deductible. That means that your debts can be paid off faster, with less money out of your own pocket, than if you continue to pay the high cost of revolving debt. Take a moment to calculate how long it will take to pay off your credit card debt making the minimum payment. It could be 30 years or more!  By restructuring
that debt with a 15-year home mortgage, you could end up cutting your debt payments in half while lowering your
current monthly payment.If you have built equity in your home, consider never using a credit card again by obtaining a home equity line of credit (HELOC). For a period of 10 to 15 years, a HELOC allows you to borrow up to the amount of equity in your home just by writing a check, at interest rates that may be one-third the typical credit card rate. And a HELOC can be a source of emergency funds, well worth the modest annual fee to keep the line of credit open. Get a current quotation on a home equity loan or line of credit by using our convenient online form. |
Home financing... Debt Management
Did you know...? Edgar Allen Poe, one of America's most original and famous authors, died deeply in debt. His works did not become famous until some years after his death.
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