You have the option to consolidate your debt with a home equity loan, but should you? Find out more here.
There's no question that credit card debt is expensive right now. Not only do credit cards typically come with high interest rates, but the recent Federal Reserve rate hikes have resulted in card rates climbing even higher. So if you're carrying a balance on your credit cards, chances are that you're paying a significant amount of interest on the charges.
This flexibility can be especially helpful if your financial situation is likely to change in the coming years, as you can adjust the repayment period accordingly. Just keep in mind that the longer the term, the more you'll pay in total interest over the life of the loan.Potential credit score improvement Consolidating multiple debts into a single home equity loan could help improve your credit score over time.
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