Are you paying too much interest on revolving credit
card accounts? Or do you have a problem managing all
of outstanding debts?
You may want to consolidate your debt. Use
the equity in your home to combine all of your existing
debt balances into one single payment that
is manageable and affordable.
You can consolidate:
· credit
card accounts that charge high interest rates
· department
store accounts
· installment
loans
· student
loans
· auto loans
· recreational
vehicle loans
· your home
mortgage, if you have enough equity
Using your Home Equity Loan as a "Debt
Consolidator" is a smart way to manage
your accounts and reduce your monthly costs.
Jump to our "Debt Consolidator
Worksheet" to calculate your monthly
savings.
And there is one other great benefit with equity
consolidation. The interest charges
on your home equity loan may be deducted from your
taxes if you qualify. Consult your tax advisor
for information. This can add up to additional savings
that can reduce your overall debt payments.
Use the worksheet below to estimate
your potential monthly savings. Enter your
current loan amount balance and current rate.
Please note that your actual savings
may vary depending on loan amounts, current
rates, and other factors at the time that you consolidate.
This worksheet should be viewed as an example of potential
savings.
*The
recommended product, term and use are listed as
illustrative purposes on how you might use the equity
in your home. Please note that your circumstances
may be different and that the recommended product,
term and use may not fit your particular need.
Notes: check
your credit report for debt balances
Notes: understanding
credit debt ratios
