Being in debt can sneak up on you, or be years in the making. Getting out of debt usually requires lots of sacrifices and a significant amount of time. For home owners the funds to becoming debt free are closer than you might think. A home equity loan is relatively easy to get and can be an instant source of cash that can be used pay off those high interest credit cards. As a matter of fact, a home equity loan can be used for just about anything. Home equity loans are generally a lower interest rate and easier to pay then personal loans. The only real con to a home equity loan is that it uses your house as collateral. As long as you can make the payments on the loan, you can keep your house. With that said, it is always best to fully research you options before committing to any loan.
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