Debt Consolidation: How To Use Home Equity To Consolidate Your Debt

Debt Consolidation Loans vs. Home Equity to Pay Off Debts. Taking out a loan isn’t the only way to consolidate debt. Debt management plans provide the same benefits, one monthly payment with lower interest rates, all without the need to borrow money.

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When consumers rack up lots of debt on several different accounts, they often find the various monthly payments take a huge bite out of monthly cash flow. That’s when consumers might consider taking.

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A federal debt consolidation loan can only be used to consolidate federal student loan debt. On the other hand, private debt consolidation loans can be used to consolidate both private student loan debt and federal student loan debt.

Either way, you will still be paying your debts, yet hopefully for a significantly lower interest rate. This can offer a huge savings in what you’d pay on interest over the life of the debt. Be aware that using your home to pay off debt can be very risky. If you can’t make the payments, then you will be at risk of foreclosure.

Why using home equity is your riskiest option. The biggest risk of consolidation is only faced when you use a home equity loan or HELOC. You’re taking unsecured debt and securing it as your borrow against your home equity. If you fall behind on credit card payments, they can threaten as much as they like, but a creditor can’t take your home.

The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score. Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low. But let’s be honest: Your interest rate isn’t the main problem.

Using home equity for debt consolidation can be beneficial if the repayment period for paying off the home equity loan is shorter than it would be for your existing debts or if the interest paid over the repayment period is less than what you would pay without consolidating your debt. Use this calculator to find out if you should use a home.

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“You can’t deduct it if you use the money to consolidate debt or buy a boat. but tax reform has eliminated the deduction of your interest payments, Johnson said. “Using home equity for debt.

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