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Credit Card Debt Reduction With Home Equity Loan: Use Caution, Says LoanPage.com
(PRWeb) July 30, 2007 -- Many homeowners are taking out home equity loans to pay off credit card debt. This solution works only in certain circumstances. LoanPage.com features a new article describing how homeowners can make the right decision and also offers visitors a free mortgage quote.
"The average family has $9,200 in credit card debt," says LoanPage.com. The site features a new article to help homeowners determine whether taking out a home equity loan to pay off credit card debt is smart move--or an invitation to disaster. LoanPage.com is a complete source of mortgage loan tools and lenders (click here (http://www.loanpage.com/articles-and-advice/home-equity/mortgage-manager-when-to-use-home-equity-to-pay-off-credit-card-debt.aspx)).
Home equity loans seem to be a great solution because they usually have interest rates that are lower than credit card rates--but there are risks. "The ultimate risk is that you find you can't make the home equity loan payments, and face foreclosure of the mortgage," says the LoanPage.com article, "Mortgage Manager: When To Use Home Equity To Pay Off Credit Card Debt."
"Before you take out a home equity loan, try this simple test for a few months," the article says. "Figure out what your monthly payment would be if you refinanced your debt at current home equity mortgage rates. Then, for a few months, see if you can pay down credit card debt in an amount equal to that projected monthly payment plus any new credit card borrowing during the month click here (http://www.loanpage.com/articles-and-advice/home-equity/mortgage-manager-when-to-use-home-equity-to-pay-off-credit-card-debt.aspx).
"If you meet that test, and can commit to sticking to this discipline, then you've reached a stage where a home equity loan can help," says LoanPage.com. Visitors to the site can get a free mortgage quote to help them make the right decisions.
Homeowners managing credit card debt should keep the following in mind:
? It's important to review credit card statements to make sure that only the card holder--and not a stranger stealing an identity--is making purchases.
? Card holders should read their card's terms and conditions and be aware of a practice called "universal default" that allows card issuers to raise the interest rate on a card if the card holder makes a late payment on an unrelated card.
? Interest rates change and can often be negotiated to a lower rate. Cards that advertise "zero interest for six months" may charge card holders a high fee to move their balance from the current card to the "interest-free" card.
LoanPage.com is a complete source of mortgage loan tools and resources, including calculators and a mortgage glossary. Visitors can find answers to the most common loan questions, download a loan application or find lenders in their area.
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