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| *Loan,banking and credit>>>credit line |
Please explain to me,.. a line of credit. good or bad? |
wanted to have bank payoff my truck(from finance co.), thought they may just buy it out and add to my mortage. they say " take a line of credit..." hmm? so.. good or bad? No, I don't think that is a wise idea. A line of credit isn't going to pay off in the long run. It will be a temptation that you could use and would eat up any equity you might have in your home. I wouldn't know if a refinance would be helpful in your situation, but the interest would be tax deductible and in the long run would probably suit you better. HTH Source(s): Personal home loan experience.... Hi.. Line of credit relies on an asset for collateral. If you have equity in your house then you can get a line of credit. Line of credit is good for business but BAD for personal expenses. Your biz expense can be deducted buit personal exp not usually, unless associated with biz. Are you good with money or tempted to spend? bad, then if u dont pay off that 2nd mortagage they can get your house. never put up ur house as collateral !!! |
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