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Can a HELOC be used to consolidate or pay-off other debts?

April 26, 2017consolidate debts HELOC pay-off Used

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Can a HELOC be used to consolidate or pay-off other debts?

1 Answer

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Yes. A HELOC is perfect for debt consolidation. Paying off credit card debt or consumer loan debt with a HELOC generally makes sense not only because of lower rates (due to equity value of your home) but also because the interest tax-deductible.