Home-equity loans exploded in popularity after the Tax Reform Act Of 1986, as they provided a way for consumers to somewhat circumvent one of its main provisions, which eliminated deductions for the interest on most consumer purchases.The big exception: interest in the service of residence-based debt.
You’ll consolidate debt and possibly get a lower interest rate.
Use your home equity line of credit or loan to finance a college education.
Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.
When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.
No matter what type of debt consolidation loan option you’re looking into, it is important to understand how to consolidate debt.