Home Equity Loans are a great way to
consolidate credit card debt.
So many people I speak to are struggling with credit card debt, and no wonder. Money magazine reports that the average family with a credit card has nearly $9200 in credit card debt. And with interest rates on credit cards as high as 25%, or in some cases higher, paying only the minimum amount on your credit card each month will never reduce your balance. You need to take action, and my advice is to check into a Home Equity Loan.
I spoke to Jeffrey Langenderfer of Huntington Bank recently about his thoughts on consolidating credit card debt and he also recommended a Home Equity Loan. “Let the bank be your advisor towards a good credit rating”, he suggested. A good credit rating will allow the borrower to have a lower interest rate on a Home Equity Loan.
According to Alicia Doremus, Manager of the Huntington’s Sylvania branch, most people don’t know that there are three different credit reporting services and their scoring systems are different. How confusing is that? There is an annual fee of $96 for a credit report, but most often your lending bank will waive the fee. But even if they don’t, it is still a great bang for your buck. Remember the interest rate on those god-awful credit cards! So credit card debtor, take action.
You can receive a free copy of your credit report from Huntington Bank when you sit down with Alicia Doremus. She will be happy to take the time to educate you on ways to increase your credit score. Call Ms. Doremus at the Huntington Sylvania branch at 419-882-7803 and make an appointment to receive a free copy of your credit report. Then you can apply for a Home Equity Loan and stop the credit card madness.