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Home_Owners___Make_use_of_your_home_equity_to_consolidate_your_credit_card_debts

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									Title:
Home Owners – Make use of your home equity to consolidate your credit card debts


Word Count:
311


Summary:
With the ease of getting credit like the “pre-approved cards” nowadays, it is not surprise to learn that the
average American family in credit card debt carries a balance of $4000 on several credit cards from month
to month...



Keywords:
home equity loan, home equity consolidation loan, credit card home equity, bad credit card debts



Article Body:
With the ease of getting credit like the “pre-approved cards” nowadays, it is not surprise to learn that the
average American family in credit card debt carries a balance of $4000 on several credit cards from month
to month.


While $4000 is not a big sum, that figure accounts for the national average and many families in reality own
more than that. If your family is in credit card debt, you might need to consolidate your credit card debts
before your credit card companies “suck” you dry of your money by charging you high interest and late fees
penalty.


One of the best methods to consolidate your credit card debt is to apply for a home equity loan – provided
you own a home. Using your home as mortgage, you’ll be able to get a lower interest rate loan than that of
credit cards companies.


With the loan, you can repay your credit card debts (which are of higher interest) and pay off just your home
loan that is of lower interest. By doing this, you will pay lesser money in the long run because of the savings
on the interest and the late fees penalty charge by your credit card companies.


You will also get to enjoy longer repayment period, and enable you to get back to your normal lifestyle
again.


While you can make use of your equity to clear your debts, remember to learn the lesson of not to
overspend. Because if you run into financial trouble again and fail to pay your home loan, you take the risk
of losing your home altogether.
Home equity loan is only a tool to help you get back to debt-free life. You still got to put in effort, be
discipline and keep to your financial plan and budget such that you can clear your home loan and live a
debt-free life again.




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