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Consolidate Credit Card Debt - Eliminate Debt With A Home Equity Loan

According to national surveys, the average household carries a credit card balance of approximately $8,000. Because of high finance fees, many people find that it is difficult to reduce their consumer debts. While bankruptcy is a tempting option, it is important to explore other alternatives for eliminating debts.

Benefits of a Debt Consolidation Loan

One approach for eliminating or reducing debts involves acquiring a debt consolidation loan. Although debt consolidation loans will not miraculously eliminate your debts, these loans make is possible to reduce your debts faster.

Credit cards have high finance fees. Hence, it is difficult to pay down balances. In most cases, the minimum payment barely covers the finance charges. This makes it difficult to reduce the credit card balance. If you obtain a debt consolidation loan, all your credit balances are lumped into one loan. Furthermore, debt consolidation loans have reasonable interest rates. This enables you to become debt free within a few years.

Using a Home Equity Loan to Reduce Debts

There are various ways to obtain a debt consolidation loan. Individuals with good credit may qualify for a personal debt consolidation loan. Moreover, if you own a home, it may be possible to get approved for a home equity loan. Home equity loans are ideal because the rates are low and the terms fixed. Usually, homeowners are able to repay the money in five to seven years sometimes less.

With a home equity loan, your equity works as the collateral. If your homes equity is $10,000, it may be possible to obtain a loan up to this amount. The funds can be used for anything. For the most part, homeowners use home equity loans to payoff credit card debts. Other uses for a home equity loan include home improvement, college expenses, etc.

Disadvantage of a Home Equity Loan

Home equity loans are very useful. However, it is essential to use the funds wisely, and borrow only what you can afford to payback. Home equity loans create another monthly bill. If using the money to payoff credit card balances, avoid accumulating additional debts. Increasing your total debts may create a financial burden. If acquiring a home equity loan, avoid over extending yourself. Failure to repay a home equity loan will result in foreclosure.

About the Author :

Visit http://www.abcloanguide.com for a list of debt consolidation companies. View our recommended online debt consolidation home equity loan lenders online.

More Useful Resource and Updates on costs of accepting credit cards

Credit-card conniving (The Morning Call)
Dear Bruce: I am a savvy woman who has been taken advantage of by my adult daughter. She used my name and Social Security number to apply for a credit card.

Man charged with illegal credit card use (Green River Star)
A Rock Springs man was recently charged with unlawful use of a credit card, after illegally using his company?s fuel card. According to court records, Jerry Don Fuller, 20, of Riverton, made an initial appearance at the Rock Springs Circuit Court to the felony charge Sept. 18.

EBay Plays Warren Buffett, Buys Online Lender (New York Times)
The Dow is crashing. Banks are failing. Unemployment is rising. How does eBay react? It is getting into the consumer lending business. On Monday, eBay agreed to spend $945 million to buy Bill Me Later , a venture-backed company that offers people instant credit to make purchases at online sites.

Don't assume all credit protection services are worth the cost (The Palm Beach Post)
For years I've seen stories in the paper about people's personal data getting stolen. The problem only seems like to be getting worse. My credit card companies are always sending offers to pay them to protect my credit and I see tons of ads online offering the same service. Are these services worth the money? I'm nervous, but I'm not sure what to do.

CreditCards.com: Weekly Credit Card Rate Report (Centre Daily Times)
Annual percentage rates for new credit card offers lacked a clear direction this week, according to the CreditCards.com Weekly Credit Card Rate Report, as HSBC and Capital One tweaked some of their card offers.

Credit fraud growing globally (The News Journal)
You've got a lot on your mind. It costs $80 to fill up your gas tank, you haven't saved anything for retirement, and your water heater is making strange burbling noises.

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