Consolidating debt with a home equity loan health and fitness dating
A home-equity loan, also known as an "equity loan," a home-equity installment loan, or a second mortgage, is a type of consumer debt.It allows home owners to borrow against their equity in the residence.
You also could look at a personal loan to pay off your balances.As with any mortgage, if the loan is not paid off, the home could be sold to satisfy the remaining debt.Home-equity loans exploded in popularity after the Tax Reform Act Of 1986, as they provided a way for consumers to somewhat circumvent one of its main provisions, which eliminated deductions for the interest on most consumer purchases.Dear Debt Adviser, I have about ,000 of debt on credit cards. Do you feel like your life is on hold because you’re trapped by all your debt payments? Consolidating your debt could be the answer you’re looking for.
Paying off your credit cards and other debt with a home equity loan does not change the behavior that got you into debt in the first place.