Should You Use a HELOC to Pay Off Your Credit Card Debt?

With its high interest rates, credit card debt can be extremely expensive. Is it a good idea to pay it off with a home equity line of credit? Watch this video to get the answer from credit expert John Ulzheimer!

TIMESTAMPS
0:00 Intro
0:58 What is a HELOC (home equity line of credit)?
1:22 Borrowing against the value of your home
1:59 Interest rates of HELOCs vs. credit cards
2:20 Tax benefit of a HELOC
2:48 What happens if you default on a HELOC?
3:24 Expense of credit card debt vs. HELOC debt
4:18 Is it a good idea to get a HELOC to pay off credit card debt?

ABOUT CREDIT COUNTDOWN
Credit expert John Ulzheimer shows you how credit works. Having worked in the credit industry for nearly three decades for companies such as FICO, Equifax, and Credit.com, John Ulzheimer is one of our nation’s most sought-after credit experts and the leading authority on credit-related topics.

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