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Using The Equity In Your Home To Service Your Debt
By Shelley Marie
For those with a huge credit card debt applying for a personal loan could well be your saviour in order to consolidate your credit card debt. This is a great technique for getting your finances under control, considering personal loans typically have a much lower interest rate than the interest you’re paying on your credit card debt.

A personal loan without collateral may sound inviting but rest assured any financial institution or broker is going to want a higher return for the added risk. A home loan has been the preferred option with many since property values have skyrocketed in recent years and with the favorable interest rates that are associated with such loans, however they are not without there risks. Be sure you read the fine print & beware of the risks of defaulting on any repayments when using the in your home for a home loan as you could end up losing your family home to your creditors should you fail to meet the repayments!!!

Another popular avenue for some people is to access their 401k to consolidate their credit card debt. Loans taken from 401K are definitely as “personal” as you can get for personal loans. The compromise to such action is that your are forgoing future savings and security for immediate relief, but if the timing is right and your confident of repaying the loan it certainly is a viable proposition. Many people like this option because when you pay back the loan, you are essentially paying yourself back.

This technique does have its disadvantages even though you are paying yourself interest on the money you borrowed from yourself. Any unforeseen

event which can disrupt your repayment schedule could mean penalties due in the form of tax installments or the fulfillment of the principal on the the borrowed loan.

Also there are tax implications if you borrow from your 401K fund as the tax advantages are watered down for you are servicing your debt with after-tax dollars.

To pay your credit card debt using personal loans, you might consider contacting your local bank to see if you could obtain a loan with a reasonable interest rate. By reducing your repayments through a lower interest rate on all credit cards and loans will make servicing your credit card debts and debt management overall a lot easier to achieve.

The rate you are able to negotiate your interest will be fixed for the duration of your personal loan and you will be required to make monthly installments to service the loan which will be at a rate much lower than any credit card debt you are carrying. Credit cards interest rates vary somewhat but you can be guaranteed they will be high with many fees attached if you are undisciplined and do not make your payments in time or only pay the minimums.

If you happen to have money in a savings account, you might consider giving yourself personal loans to pay your credit card debt!!! It makes no sense at all to allow a credit card debt incurring a 17-20% plus interest rate on the outstanding balance whist having funds sitting in a savings account earning a whooping 1-2% does it??? Be smart and service your credit card debt before setting up any high yield savings account you will be thankful you did in the long run.
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