A few years ago if you had credit card debt but owned a home it was always a good idea to get a home equity loan to pay off those credit cards. The interest rates are usually much lower and the interest is tax deductible. Fast forward to today and with the current US mortgage market problems you may find it hard to do this since some lenders have dropped home equity loans while others have tightened their lending standards. Since 2001 more than $350 billion in credit card debt has been moved to home equity loans or mortgages.
For more information, read the full article on USA Today. For some great home equity lenders please check out these reviews.
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