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Article: BEWARE SHIFTING DEBT TO HOME EQUITY LINE.(MONEYWISE)
- Article from:
- The Cincinnati Post (Cincinnati, OH)
- Article date:
- June 24, 1997
CopyrightCOPYRIGHT 1997 The Cincinnati Post. All rights reserved. Reproduced with the permission of Dialog LLC 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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Byline: Pamela Reeves
When credit card debt piles up,it's tempting to dump it all onto a home equity line of credit. And that would seem to be the smart thing to do.
After all, you're likely to get a tax deduction for the interest paid on a home equity line while you get no benefit at all from those nasty interest charges on credit cards.
Better yet, the interest rate on home equity lines is usually under 10 percent while you are probably paying 14 percent or more on your credit cards. And if you have several credit cards - or more than several - reducing your monthly payments to just one provides instant relief.
Millions of Americans ...