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Using Home Equity to Consolidate Your Debts Consider Your Repayment Period Carefully
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By Moses Wright

You have been overspending without realizing it and soon run into a cycle of debts. You know you have to do something about it and get out of this mess. Upon advice from friends and research online, you decided to use your home equity to consolidate your debts.

Before you sign on the dotted line to consolidate your debt, consider your repayment period carefully first. Because your loan overall interest payment is determined both by the interest rate and repayment period. Although you enjoy a lower interest rate on your equity loan, you still might be paying more interest because of longer repayment period.

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Take for example: You have credit card debts of $10,000 and need to take up a $10,000 home equity loan.

For simplicity, we

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This entry was posted on Friday, April 21st, 2006 at 6:10 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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