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Article: Paying off credit card debt with home equity loan can be wise thing
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- May 31, 1998
- Author:
CopyrightCopyright 1998 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (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% to 11%. But a home
equity loan should be substantially below ...