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HELOC Loan to Consolidate Debt

Does it Make Sense to Use a HELOC Loan to Consolidate Debt?

Nobody wants to have heaping amounts of high interest debt hounding their monthly budget every week. But the truth is that many of us do. If you own your own home and you have a good amount of equity, you may be able to reduce your monthly expenditures by taking out a HELOC Loan to Consolidate Debt.

What are HELOC Loans?

HELOC loans, according to Wikipedia, loans are home equity lines of credit that are determined by your credit rating and the available equity that you have in your home as well as your income. They can be used for anything that you want to buy, but they will have an attached monthly payment. They are a junior loan to your primary loan, and add a charge to the monthly payment for every dollar that is financed.

High Interest Versus Low Interest

Since HELOC loans are low interest loans, especially as compared to credit cards and auto loans, they can be a viable vehicle for debt consolidation. So let’s say that you can stamp out $20,000 in high interest debt in favor of a locked in rate on a HELOC loan, this could prospectively save you thousands in interest payments every single year and is a good option for well-disciplined borrowers who want to consolidate their debt.

Be Wary Of Overreaching

There is on catch. Say you pay off all that debt and have that HELOC loan. It can be tempting to ring up more debt on your credit cards in the future. But if you are careful and avoid doing so, these loans are a fantastic way to consolidate bad debt and take back control of your finances.

For some borrowers, however, it may be too tempting to reuse those open credit lines once they have paid them all down via their HELOC. If you are not disciplined, this can result in you having an added monthly mortgage payment in addition to retaining growing, high interest credit card balances.

Some experts advise that you if you do plan on using a HELCO to consolidate debt that you hide your credit cards from yourself. This way, you are unable to use them on future expenditures and you can prevent yourself from revisiting the high interest debt swamp that you were once imprisoned in.

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