Debt tools
Should I use a HELOC to pay off high-interest debt?
A HELOC can cut a 25% credit card rate to single digits, which is why it looks like breathing room. What it ends up costing depends more on how you pay it than on the rate. Here is what each way of paying it actually does.
The debts you'd pay off
TICK WHAT THE HELOC COVERSThe home
EQUITYThe HELOC
OFFEROptional. The panels below already cover the three that matter; anything else you enter appears beside them.
Add at least one debt with a balance and minimum payment, then the HELOC's rate, draw period and repayment period.
All four happen in your browser. Your figures are not sent anywhere — the email opens in your own mail app, already filled in.
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