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Article: "My husband and I have a lot of credit-card debt (about $8,000), and my husband thinks we should take out a home-equity loan to consolidate our debt and pay off our creditors. Our house is worth about $130,000, and we owe ab.(Friday Home Guide)(Second Opinion)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- December 5, 1997
CopyrightCOPYRIGHT 1997 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Each week, Second Opinion asks two real-estate professionals one of your questions. Read what they have to say, right here.
HOME-EQUITY LINE IS PLUS
NAME: Colleen Brawner
TITLE: Senior loan officer, F&M Mortgage Corp.
PHONE: 703/690-4114
I think there are several good reasons to take out a home-equity line of credit.
First, using the equity in your home to improve your family's financial well-being is important. Obtaining a small home-equity line for about $10,000 to pay off credit cards and to get cash out for investing, which could produce more money over a longer haul, also is important.