Having credit card debt can be one of the most stressful things in a person's life. It may seem that the debt will never be paid off. Even worse, because of the interest rate on these credit cards, it truly may be years or even decades before you are able to get out of debt. In addition, if you have missed any payments or have gone over the credit limit, your interest rate may be truly out of this world.
This is where a home equity loan may be the answer. A home equity loan is based on the difference between how much you owe on the home and how much the home could be sold for. This is the amount of the equity in the home. This money can be obtained by taking out a loan. The money can be used for any reason you see fit, such as paying off other debt. In addition, the interest on the home equity may be tax deductible.
The real reason for a home equity loan is that the interest rate is often lower than most credit cards. You can use the equity in your home to pay off higher interest credit cards and consolidate all of those bills into just one payment a month. This can be a big stress reliever for many people.
If you think a home equity loan might be the answer to some of your problems, contact Downs Financial today. We work with people with all types of credit. In addition, our rates are some of the most competitive anywhere. Fill out our online registration form and you will be contacted in 15 minutes to discuss how a home equity loan may just be the solution you need.