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Your house is on the line – The most serious risk to using a HELOC to pay off your credit card debt is that, in doing so, you’re putting your house on the line.If you don’t pay on your HELOC, you could get foreclosed on.You don’t borrow from it and repay it in installments until it’s paid off, as you would with a home equity loan.However, unlike a credit card, a HELOC is a secured loan.This is a precarious position to be in because if you need to sell your home, you’ll have to bring cash to the table to do so.The takeaway: Using a HELOC to consolidate your credit card debt can be a smart move if you borrow carefully and repay the loan quickly. Borrowing against your home’s value shouldn’t be taken lightly.
Complete our fast and secure application 24 hours a day, 365 days a year. Every inquiry received is handled with care and speed.The amount of your credit line depends on how much equity you’ve built up in your home.Usually, banks will lend customers with good credit up to 85% of your house’s assessed value, less the amount you still owe on your mortgage.Take Care Of Your Needs Financial emergencies can arrive at any time.Reasons for needing money range from unexpected bills, major home or auto repairs, necessary medical expenses, much needed family vacation, basic home improvements, etc. Our company is committed to protecting your information.