Creditor Debt vs Home Equity – A Balancing Act
If you’re like most people, the biggest check you write every month is for your mortgage payment. Each month, some of that money contributes to your equity in the property, and as time goes by, more and more of that house is actually yours. However, if you have fallen into a situation where you have significant levels of creditor debt, then accessing some of that equity through a loan or line of credit can be a lifesaver. The money that you get can pay off that high-interest debt, and then you can pay yourself back at a lower interest rate.
People who take out second mortgages to pay off debt do so through home equity loans or home equity lines of credit (HELOCs).
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