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3 reasons to use a HELOC to pay your credit cards off right now

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Are you dealing with mounting credit card debt? Here are a few reasons you should use a HELOC to pay it off.

You may be looking for ways to cut your interest costs on your credit card debt. With average interest rates on these accounts currently over 20%, carrying balances from month to month can get expensive. But, cutting your interest rate could result in lower monthly payments and a lower overall cost to pay your debts off. Home equity lines of credit are one effective way to do so.

And, that means you could realize significant savings both in what you pay monthly and over time. Take advantage of today's competitive HELOC interest rates now. HELOCs come with variable interest ratesWhile HELOCs typically offer lower interest rates than credit cards, their interest rates are variable - as is usually the case on credit card accounts. But, that could be a good thing in today's economic environment. Inflation is slowing down, and it may continue doing so.

 

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