Line Of Credit
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Answers
I am trying to do some debt reconciliation and a friend of mine suggested I checked into a equity line of credit (borrow against the equity built up on my house), is that a good idea??? what are the pros and cons of it, as opposed to just keeping my debt on my credit cards?
Pro is you will probably get a lower interest rate.
Cons are you will have more debt against your home so you could lose your home over what is now unsecured debt.
When you sell your home you have to pay off the HELOC so may not have enough money to buy a new house.
You may start thinking you aren't in debt because you only owe on your house and then run the other debt back up again.
The pain of credit card debt helps you learn to stay out of debt. You can pay off the highest rates first to lower your average rate or transfer to zero rate offers if you have good credit. If you don't have good credit you are very likely to run the cards back up.
Unsecured debt can be discharged in bankruptcy or the credit card companies may accept less if you get in real trouble but you mortgage is forever.
www.home-equity-line-of-credit -online.com Home equity line of credit online reviews, product information and specifications
Bank says I'm eligible but I'm not sure it's prudent.
A home-equity line of credit (HELOC) is a cheap way to borrow money, while keeping your payments minimal. Your interest costs are usually around Prime rate, which is the rate banks charge their best customers, and it should be, because they're taking your home as collateral, which is worth more than the loan.
Personally, I advise clients to use their HELOC because of the lower interest costs, but to not use it to lower payments, as it doesn't help you out if you're not paying off the debt. A HELOC should never be used for discretionary spending, as it is borrowed money.
I would say that if you have the option to obtain a HELOC, that you should enact it, however apply one of these rules:
1) If you are using it to do home renovations, or to purchase a car, set up regular pre-authorized monthly payments, and stick to it the way you would a regular bank loan.
2) If you are consolidating other higher interest debt, keep payments at the same level, otherwise the interest savings will not be realized, because you'll have the debt for longer, and will pay more interest.
Pros: Flexibility and tax-deductible interest. In most cases, and this differs slightly from bank to bank, they last for 20 years, you get to use them like a credit card for the first 10 years, and repay for the following 10.
Cons: They're tied to the Prime Rate, which is higher than mortgage rates, you only get to use it for 10 years, counts as a second mortgage, and it's generally more expensive than just refinancing your first mortgage with cash out.
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I've been hearing about credit cards that are offered by Visa which you pay X amount of money and that's your credit line...and you can throw away this card. I mean I think it's good because you can't get in trouble with them, right?
YOU SHOULD REALLY CONSIDER GETTING A REAL VISA CARD...if you have a bank account especially with BofA they will give you a credit card.....remember that once you establish a credit history (which is what you should be going for)...this will enable you to start building credit
With a Line of Credit you use the money as you need it and pay interest only on the amount that you have used. Works sorta like a credit card...As long as you haven't maxed out the line there will be money available for you to use. Normally a line stays active for around ten years. So you can pay it off and use it again if you need to.
With a personal loan you ge the entire amount up front and you make payments for a specified amount of time until the loan is paid. You will not be able to use the money again like you can with a line of credit.
Pros and cons of inventory financing, Finance Info and money
Inventory financing is a creative way to help businesses that may not qualify to use more conventional lending sources to gain access to capital for the operation of their business. This option can be very useful to companies with little or no credit history or who have had trouble in the past but really need the capital to improve their business.
Inventory financing basically operates by awarding a line of credit to a company which is then backed or guaranteed by their inventory on hand. This can help companies free up money that is tied up in inventory to use for many different reasons. Most inventory financing options require a record of sales be provided to the lender to verify the market value of the inventory and to assess whether the loan is worth the risk involved. Lending is all about risk and a potential lender will ask for many different documents and other information to verify that you can really produce the needed income to make the payments on the loan.
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