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And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. You may be considering tapping your home equity to consolidate your credit card debt, a move that can lower your interest costs but has risks. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.You pay interest only on the credit you use, often at rates several percentage points lower than average rates on credit cards.
You’ll have a fixed monthly payment and a repayment schedule.Whether it’s a loan or line of credit, use that money to pay off all of the debts you're consolidating.Once this step is complete, you no longer owe any money to those previous creditors.To do this, many or all of the products featured here are from our partners. Because of these risks, Nerd Wallet recommends that you reserve home equity for emergencies.
Consider these pros and cons: Pros A homeowner with good credit is likely to have better options that don’t risk the house.Then choose a consolidation option that is more affordable than what you're currently paying.