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mjhmom

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When does a home equity line of credit make sense to pay off credit card debt?
My credit score is good, but my credit card utilization is too high and I am paying too much interest carrying a balance month to month. There is too much debt to pay it off quickly. When does a HELOC make sense to pay off credit card debt and how much equity do you need to get the loan? I want to pay off as much credit card debt as I can, as fast as I can then either close the accounts or use them at a minimum. Thank you!

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When You Can Afford to Lose Your Home!!!

In the financial world, credit cards are the least valuable item because there is nothing that can be sold to recover any losses from bad debt credit card accounts.  But, if you should default on a HELOC, you can lose your home, and that's not good.  The bank can foreclose and sell the house. 

How about trying for consolidating the cards into a single, no interest card, if you can get one?  If you can get the card that gives the 0% for at least a year, you just might be able to get rid of those debts real quick.  Then lock the cards up and use only the lowest interest one.

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