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Article: SHIFTING DEBTS TO HOME EQUITY LOAN MEANS TAX DEDUCTION, LOWER INTEREST.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- May 25, 1998
CopyrightCOPYRIGHT 1998 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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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About this time of year you're probably getting a lot of offers by mail and phone from people who are really eager to lend you money.
The more you owe, the better they like you. After all, they can see profits rolling in for years on that $8,000 worth of credit card debt that you're slowly paying off.
Should you take the plunge and shift your debt around? Does it make sense to pay off your credit cards and move the debt to a home equity loan or line of credit?
From a financial standpoint, the answer is almost always yes.
With a good credit record, you might be able to find a fixed-rate credit card that carries interest of only 10 ...