I am thinking of getting a home equity loan to pay off our credit card debt. We own our home free and clear. Will there be any taxes on this…I am not a very financial person so any advice would be great!!
Posts Tagged ‘Pay’
Do You Have To Pay Any Sort Of Tax On A Home Equity Loan?
Monday, May 25th, 2009Should I Pay Down My Home Equity Loan Or Pay Off Credit Cards?
Sunday, May 10th, 2009Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.
