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An equity line of credit (HELOC) is often considered a better option to consolidate debt because it typically has a lower interest rate compared to other forms of debt such as credit cards. Additionally, the interest on a HELOC may be tax-deductible, whereas the interest on credit card debt is not. The higher the LTV, the more equity the borrower has in the property and the more money they can potentially borrow. Take advantage now!
Credit cards examples showing high interest rates of 26.49% and up, a total credit card debt of $53,732.73 with total monthly payments equal to $1,751.20. If this debt is paid off in 5 years, the amount of interest paid will be equal to $42,582.00.
• Total debt of $53,732.00 generates monthly payments of $1,751.20 @ 26% and up interest rates*
Using the scenario #1, same total debt $53,000 showing low interest rate of 9% instead of (26.49% and up), paid in 5 years, total monthly payment will be LOWER and equal to $1,100.00, and the amount of interest rate paid will be equal to $13,000.00 (instead of $42,582.00).
• Total debt of $53,000.00 generates monthly payments of $1,100.00 @ 9% interest rates*
WHAT ARE YOU WAITING FOR?
Consolidate your Credit Card debt with an Equity Line of Credit today!
* Disclaimer: For Illustrative purposes only
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980 N Federal Hwy, #110,
Boca Raton, FL 33432
Century 21 North East
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