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How Does a Home Equity Loan Work and How to Use it to Consolidate Debt

Posted by Carolina Trust Federal Credit Union on Feb 26, 2020 11:00:00 AM

How Does a Home Equity Loan Work?

If you’re looking for a way to deal with debt that is both flexible and affordable, a home equity loan may be a good solution. For homeowners who have built up some equity in their homes, this type of loan allows them to borrow from the accumulated equity and use it to pay down high-interest debt. Here’s a closer look at how home equity loans work, and when they work well for debt consolidation.

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Topics: Personal Finance, Home Equity, Debt Consolidation

Home Equity Loan vs. HELOC - Which is Best for Debt Consolidation

Posted by Carolina Trust Federal Credit Union on Feb 20, 2020 1:00:00 PM

If you want to save money and make some progress paying off the bills and other debt you owe, you should consider accessing the equity in your home for a debt consolidation loan to achieve your goal of being debt free.

The two main ways to access the equity in your home for a debt consolidation loan from your credit union include a home equity loan and a home equity line of credit, better known as a HELOC. Below are some of the details of a home equity loan vs HELOC so you can see the pros and cons of each.

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Topics: Personal Finance, Home Equity, Debt Consolidation

7 Mistakes to Avoid with Your Debt Consolidation Loan

Posted by Carolina Trust Federal Credit Union on Feb 18, 2020 4:00:00 PM

Securing a debt consolidation loan and paying down your obligation can fast-track you to an improved credit rating and financial stability. But success requires personal vigilance and fiscal responsibility.

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Topics: Personal Finance, Debt Consolidation, Credit Building

What is a Home Equity Loan and Can it Help with Debt Consolidation?

Posted by Carolina Trust Federal Credit Union on Feb 14, 2020 10:15:00 AM

When hard-working people find themselves swimming in high-interest debt, it’s time to look for a lifeline and pull yourself out. Leveraging your home equity to consolidate monthly payments that are crushing your financial health and quality of life can be a game-changing solution.

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Topics: Home Equity, Home Loans, Debt Consolidation

The Truth About Debt Consolidation

Posted by Carolina Trust Federal Credit Union on Feb 11, 2020 9:45:00 AM

Life happens, and along with it often comes debt…and you know what? That’s ok! Whether we have debt in the form of student loans, medical bills, an emergency of some sort that had to be financed, or too much spent on credit cards - we have all had our share of debt to repay.

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Topics: Personal Finance, Debt Consolidation, Credit Building

How to Get Out of Debt Fast - Five Proven Tips

Posted by Carolina Trust Federal Credit Union on Feb 6, 2020 1:15:00 PM

5 Tips to Relieve Your Debt and Stress

The average debt load for Americans, including mortgages and car loans, is $132,529. Of that, over $16,000 is tied up in credit cards. All of this debt contributes to a high level of stress for many families.

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Topics: Personal Finance, Debt Consolidation, Credit Building

Carolina Trust Federal Credit Union Blog 

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