Try Not To Get Carried Away By That Loan

Despite rates rising for home equity loans and HELOC, they are still more lucrative than credit card borrowing which as a rule has higher interest rates. That said, it is a good thing to remember that you can easily get carried away with your spending when using a home-equity loan, so it is good to be careful. Orlandosentinel.com reports:

It's not free money. When you use your home-equity line to pay off your credit card bills, you're betting the house that you'll keep up on the payments. You also could take 10 to 30 years to pay off last year's holiday spending. Use your loan responsibly, and if you use it to pay down old debts, don't use it as an excuse to run up new ones.

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