Should you use a home equity loan to pay off your debts?
It can be a smart strategy, provided you understand what you’re risking.
David McMillin is a contributor to Bankrate covering personal finance, including mortgages, real estate, student loans and auto loans. From budgeting tips for individuals to funding strategies for aspiring business owners, his goal is simple: to help readers figure out how to save more and stress less. As a musician, he has spent a lot of time worrying about money, as well, and he applies the lessons he’s learned from that financial balancing act to offer practical advice for personal spending decisions.
McMillin studied writing at DePauw University. He is based in Chicago and loves to discover new places. He only needs to visit four more states (Alaska, Oklahoma, Utah and Vermont) to check all 50 off his list.
It can be a smart strategy, provided you understand what you’re risking.
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How far would you be willing to move to afford a home?
Both are options for borrowing money based on a home’s value.