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| *Loan,banking and credit>>>debt loan |
Should I get a personal loan or HELOC to pay off my debts? |
I have about 7k in credit card debt. I also need some extra money for the property tax coming up by the end of the year. Would a personal loan be better than a HELOC? Sometimes it makes sense to do a HELOC, sometimes it doesn't. Look at the whole picture and figure out which one makes most sense for you right now...I have a little experience with this stuff. If you have too much debt, you may not qualify for a note loan...kindof a catch 22, eh. if your credit is good, do a fixed rate 2nd instead of a heloc. Source(s): 10 years in finance and mortgages You need to save more and spend less thats the way to get out of debt Bud. Robbing Peter to pay Paul is not the answer. Reduce your spending, make a budget, stick to it and save money. Get a part time second job if you have to. I believe that the personal loan will have a much higher interest rate than your equity line would. Call your bank & get the rates for each & then decide :) There are not too many companys willing to give you a personal loan for this amount. If you get a Heloc you can write off the interest. My choice is a HELOC ..... real estate broker |
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