About Home Equity Loans & Credit Card Debt

Video Transcript

"Hi! My name is John Niemira and I'm going to talk to you today about home equity loans and your credit card debt, and what kind of problem that could be for you. Home equity loan takes the equity that you have in your home that you have purchased, and you get a loan from your bank or from any lender to help you pay off your credit card debt. Credit card debt is usually some of the worst credit card debt, it builds up fast, it has very high interest rates, and it, it just sticks with you. If you continually pay the minimum payment, it just doesn't get anywhere. So, using a home equity loan, you can usually get a much better rate, a much lower rate, specially nowadays, there's some great rates out there on home equity. Take the loan on your home, pay off all your credit cards, hopefully you cut up most of your credit cards after that, and pay them off completely, give up those little high interest rates. Now, you have one consolidated loan in your home, something that you're forced to pay if you want to keep your home, of course, better interest rate, its pay off faster, you can set the terms on it and change the terms on it. If you need anymore information on this subject or any other subject in the business field, my email address is jniemira@gmail.com."