Should I consider a credit line to pay off my credit card debt?

I would consider the cheapest way to pay off your credit card debt. Generally speaking, a line of credit has a lower interest rate than the annual percentage rate of a credit card. You could make the same monthly payment and get more of your balance paid each month, therefore getting your card debt paid off quicker.

I don't believe a line of credit will affect your credit score more, in fact getting it paid off quicker will help your score more than keeping that high balance on the credit card. There are other options to pay off a debt. You could get a consolidated loan at a lower rate than what you are paying on your credit card.

You could also take advantage of introductory offers that another card might have. Usually those offers are low percentage or 0 percent for a set time period, which will enable you to get some of the debt paid quicker. Good luck!

Great question, and the answer depends on a few important factors. The first being the amount of debt you owe and what kind of debt it is? Is it unsecured debt (credit cards, business loan, collections) or secured debt (home mortgage, car loan)?

And to delve a bit deeper, the amount of debt will impact the amount of time it will take you to become completely debt free. In your question it sounds like you’re considering a debt consolidation loan. A consolidation loan transfers the debt you owe and bundles it into a package that seems affordable with an overall lower payment.

However, consolidation loans can be very challenging to qualify for. When you apply for a new loan, you must have good credit as this is the main factor that determines your qualification and interest rate. The whole reason you would take on a new loan is to get a better interest rate and lower payment.

A lot of debt consolidation companies offer very low transfer rates to start, but within in a few months, they might go right back up to 10 – 24%, and you can end up back in the place where you stared. If you refinance your home to consolidate, you are just taking your unsecured debt transferring it into secured debt, albeit at a lower interest rate. That can cause problems down the road if you were to have trouble making your mortgage payment.In addition to needing good credit, you also need enough equity to cover the increase in the loan amount and the closing costs you will incur.

There are other options than a debt consolidation loan to become debt free, but it really all depends on what kind of debt you have and how quickly you want to pay off your debt. Such options include a home refinance, an equity line, getting a personal loan, negotiating better terms with your creditors, consumer credit counseling and debt settlement. Again it all depends on what your current financial situation is so I would need more details.

If you are considering all of your debt relief options, we cover them in detail on this page of our website: debtmerica.com/your-debt-options.

A line of credit is the amount a bank or other lender will loan you without additional approval. Credit lines to pay off debt often comes in the form of home equity lines of credit. This lines of credit usually will be approved for more than the amount of credit card debt.So you are tempted into spending more and going further into debt.

There are also lines of credit that offers a lower interest rate but then you should be aware that there are hidden charges or fees causing you to pay more in the long run. The benefit of line of credit is that you can consolidate a bunch of credit card debt into one easy payment and with a lower interest. But if you plan in paying off credit cards with line of credit is not a smart idea since it does not eliminate the debt.

It just consolidates it and generally reduces the interest rate. One good alternative instead of using a line of credit is working out with credit companies and negotiate with them to settle the debt for a lower rate if you are behind on your payments.

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