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Smart Ways to Consolidate Debt : Home Equity Loans Can Help Lower Monthly Credit Card Payments
All debt is bad debt right? Wrong! Although it may sound counter-intuitive, there is such a thing as good debt. Good debt is investment debt that creates value; for example student loans, real estate loans, home mortgages, second mortgage loans, and business loans, says Eric Gelb, CEO of Gateway Financial Advisors and author of Getting Started in Asset Allocation, in a recent article on Bankrate.
Bad debt, on the other hand, is debt incurred for items that decrease in value, such as cars, clothes, plasma TVs. Credit cards are typically the culprit behind creating bad debt. Interest rates on credit cards are usually very high, and if your balance isnt paid in full each month, you end up paying more for items that are continually decreasing in value.
By refinancing your high interest credit card debt into a home equity loan, you can turn that bad debt into good debt and heres the best part save money each month! If you take a home equity loan because you have a 17 percent credit card, and you go with a 6 percent loan thats tax-deductible, thats good debt, says Robert D. Manning, a professor of finance at the Rochester Institute of Technology, in a recent article on Bankrate. The lower interest rate of a home equity loan may even allow you to pay off the balance quicker than if you were making minimum payments on several different credit cards each month.
Lets not forget that debt consolidation isnt just for those with bad debt. In some cases, your good debt can be made even better by refinancing your mortgage. Combining a first and second mortgage through refinancing can lower your mortgage payment, and therefore save you money each month. Refinancing your adjustable rate mortgage into a fixed rate mortgage or switching your interest only loan into a more traditional mortgage may also allow you a little more disposable income.
There are many equity loan options out there when it comes to debt consolidation. As with any financial decision, you should do your homework and find out what will work best for you and your family. Remember that, ultimately, the goal is to turn that bad debt into good debt and let that good debt keep growing in value.
Jennifer is a famous web editor and writer who has published many home mortgage and real estate related articles for Equity Loans & Second Mortgages & Fixed Rate Home Equity Loans. If you need more information regarding debt consolidation or current home interest rates, please visit the Second Mortgage Consolidation.
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Dear Dr. Don, I have a $170,000 home equity line of credit with Bank of America that is currently completely drawn. I have $100,000 in my bank account and would like to pay down my HELOC with these funds.
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