subject: Ways To Use Credit Equity Home Line [print this page] Ways To Use Credit Equity Home Line Ways To Use Credit Equity Home Line
If you've got a credit equity home line, you probably should be using it. While it's nice to know that your house is worth more to you than you owe on it, you may not realize in how many ways you can put it to work for you.For most of us, our home is by far our greatest asset, even in today's depressed housing market. If you are asset rich but cash poor, this is not a good time to be selling, but it just might be a good time for you to consider some other ways to make your assets work to your advantage.What other things do you owe money on? Look at all of your loans, including your credit cards. Many people use their cards so much that they are paying more on interest each month than on principle. If that sounds like you, you are throwing your money away. What about your car? If you owe money on that, what interest rate are you being charged? Why not use your credit equity home line and pay less per month.The best way to get your personal monthly expenditures back into line may be to re-finance your family house. This is called a debt consolidation loan. By consolidating all your loans into the one monthly mortgage, you win in two ways. First, you're paying lower interest. Secondly, you are spreading your payments out over a longer period of time.You don't need to struggle to make ends meet each month if you consolidate your debts in this way. You will be amazed, in fact, by how much more money will be at your disposal every month. If you use your credit equity home line, you will find that you can pay cash for most everything you need and not see the balance on your cards mount up as it did in the past.Nobody knows better than you how hard you had to work to pay your monthly mortgage over the years. Now is the time to make your house work for you. The present flat housing market is not going to stay flat forever. In the meantime, use your credit equity home line and sit back and wait for the market to turn around, without the strain of excessive debt.
