20. Save $100s per month – Convert your credit card debt into a 5-to-10-year personal, consolidated (home equity) loan

Credit cards go by APR rates of 15% or higher, while a consolidated personal loan may go at only 8%.
However, paying off principal payments (thus excluding interest, or like paying of $10,000 over 5 years is $2,000 per year of principal payments) will be shorter and faster so payments may be higher on principals, but your loans are also payed off faster.
A 10-year consolidated loan further spreads principal payments so you pay less monthly.

You could also transfer debt from your high APR credit cards to someones lower APR credit cards (like that person has better credit score, thus lower APR). Same with debt payments, you could convert your debt into a joint, lower debt loan, or create a one-consolidated loan for all your debt, for you and your relative, instead of paying off debt individually.

Chase offers revolving home equity loans whereby the interest is tax-deductible, for the principal payments (thus the loan without interest), you can choose yourself over how much time you pay it off.

Check out Chase bank.

Aside from credit card debt, this loan can also cover student debt, and car financing.

Imagine having all your debts and credit card balances together in one bill with one low, monthly payment.
By using a debt consolidation home equity loan or line of credit to replace credit card, auto loan and other high-interest debt, you can:

Save on interest payments: Rates on home equity accounts can be lower than credit card rates by 7-10%—or more!

Save on taxes: Interest payments on home equity accounts are potentially tax deductible, but credit card and auto loan interest payments are not. Please consult your tax adviser about the deductability of interest.

Save time: Make a single payment. Using your home equity mortgage loan to consolidate, make one easy payment instead of multiple payments to many different lenders.
Payment terms to fit your budget.
A debt consolidation home equity loan or line of credit can also help you manage high-interest debt by offering flexible payment options that work with your budget.

A home equity account allows you to spread payments over a longer period of time for a more manageable monthly payment. In addition, choosing a home equity account with a fixed payment might help you escape the "minimum payment syndrome" that can prolong payoff and cause you to accumulate greater interest charges.

A home equity line of credit allows you to set your own repayment schedule with flexible monthly payments so you can accelerate or extend the payoff as your budget requires.
Get control of your debt today with a debt consolidation home equity loan or line of credit.

The higher your tax bracket, the greater your tax savings may be from deducting mortgage interest. The reason the line of credit may have greater tax savings is due to the fact that you're probably paying more interest on a line of credit than you are on a loan. Lines of credit usually require payments of interest only, whereas a typical loan requires payments of both principal (the amount you borrowed) and interest. Thus, paying principal on the loan reduces the amount owed, requiring less interest over time.

Make sure you also pay off principal (like over 10 years), so your debt also diminishes. Be careful with the fine print of the bank using your house as collateral. Get an attorney check the contract so you know for which conditions you may lose your house if you fail to make the payments on time.

Even better, pay 1 month upfront, so you are ensured you do not fail to make the payments on time.
Have an attorney check every detail of the contract so your bank does not screw you or runs off with the built-up equity in your house.

Be cautious in taking out home equity loans. These loans reduce the equity that you have built up in your home. If you are unable to make payments, you could lose your home.

Compare home equity loans offered by at least four banking institutions. Consider the interest rate on the loan and the annual percentage rate (APR), which includes other costs, such as origination fees, discount points, mortgage insurance, and other fees. Ask if the rate changes, and if so, how it is calculated and how frequently, as this will affect the amount of your monthly payments.

Apply for a Small Personal Loan

While this isn’t exactly a long-term solution for making money (since you have to pay it back), it is a reliable way to get some extra cash when you’re in a pinch. It’s also a great way to make money by saving money if you use a personal loan to pay off high-interest debt, such as credit cards. Since getting a loan is one of the easiest ways to make extra money, we felt we had to include it.

When it comes to applying for a loan, you’ll want to go with a reputable, trustworthy source. Stay away from payday loans at all costs. Instead, look for well-known companies that provide legitimate short-term loans at low interest rates, like the ones below:

SoFi — SoFi’s fixed-rate loans start at a low 6.57% APR. There are no origination fees, no penalties for paying off your loan early, and no hit to your credit for checking your loan rate.

Prosper — Prosper has loaned over $12 billion to 750,000 borrowers. They offer 3- or 5-year loans with fixed, low interest rates. You can pay your loan off any time with no penalty, and checking your rate does not impact your credit score.

PersonalLoans.com — Personal Loans offers loans up to $35,000 and connects you with lenders from around their network. The process is simple with just a few steps. Once you’re approved, you have anywhere from 90 days to 72 months to pay back your loan, depending on the terms you select.

How HELOC loans work

This guide explains how home equity lines of credit (HELOCs) work. To be specific, we list financial institutions offering the best HELOC products and rates. Also provided is background information on each institution including the services they're known for, interest rates, loan-to-value ratio, and more. The guide also highlights how HELOCs are most commonly used and their pros and cons.

You can see the full post here: https://lendedu.com/blog/home-equity-line-of-credit/

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