Consolidating debt with a home equity loan

03 Jan

The big exception: interest in the service of residence-based debt.Today, with a home-equity loan, homeowners can borrow up to 0,000 and still deduct all of the interest when they file their tax returns (assuming they make itemized deductions).

Do you feel like your life is on hold because you’re trapped by all your debt payments? Consolidating your debt could be the answer you’re looking for.The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.You also could look at a personal loan to pay off your balances.No matter what type of debt consolidation loan option you’re looking into, it is important to understand how to consolidate debt.The following four steps will walk you through calculating how much debt you have, choosing the debt consolidation loan, setting a timeline to be debt free and teaching you how to control your spending.