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Using a Home Equity Loan to Pay Off Credit Cards
By | June 5, 2008
Topics: Rich Dad Poor Dad |
The majority of American’s carry some sort of credit card debt. Unfortunately, many of us carry so much debt at such high interest rates that it becomes difficult to make a difference in the amount we owe, even when we send a payment to the credit card company each month. Falling behind just makes it worse, with late fees and finance charges added on to your next statement- and often a late payment will result in an increase in your interest rate. High interest rates quickly add up and result in our monthly credit card payments doing little or nothing to reduce the balance. It’s a viscious cycle that can be difficult to get out of.
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Using a Home Equity Loan to Pay Off Credit Cards
