Credit Card Debt

Paying off high-interest credit card debt.

Paying a lower interest rate and taking a tax deduction is smart but lengthening the time it would take to pay off the credit card debt may not be. Why take 30 years to pay off credit card debt that could be wiped out in five or 10 years using a shorter-term home equity loan.

Home equity loans programs may consist of minimum withdrawal 

requirements when you open your account or maximum withdrawal requirements after your account is opened. Gaining access to your credit line with checks, credit cards, or both may be possible with certain plans.

Many home equity plans set a fixed time of draw when you can make withdrawals from your account. You may be able to renew your credit line once the draw period expires.