Should You Borrow Against Your Home To Pay Off Your Credit Cards?
Do you have enough serious high-interest credit card debt?
May be you owe Visa or MasterCard a frightening five-figure sum … and that balance is set off, due to unmanageable double-digit interest.
You want to get out of credit card debt and you feel like you’re already living as insufficient as possible and saving as much as you can, but you are still not making any headway. You can’t see the light at the end of the tunnel.
You do have one good thing going for you, however: you’ve got lot of equity in your home.
Maybe you made a nice 20% down payment when you first bought your home. Maybe you’ve owned your home for a number of years and it’s risen in value during that time, giving you a solid chunk of equity. Or maybe you inherited the home. Regardless of the reason, the simple fact is that you are the owner of a house that has a notable amount of equity.