MHJ
Rep Points: 85
What is everyone's opinion here on obtaining a home equity line of credit as a means of debt consolidation? Is this the wisest course of action to pursue?
You ask a good question but the variables are numerous. How much is the debt you wish to consolidate? What are the terms and costs of the HELOC? Could you get a loan from a relative or friend rather than a HELOC? Would a higher income flow alleviate the debt? If so, how could you raise your income flow?
The list goes on but those are the starting questions. Hopefully it provides a semblance of an answer to your post.
I myself got into a bit of trouble with owing people money, i called round debt companies for free advice and what they thought my best option would be. I ended up goin with goodbye2debt in the end and they gave me good advice on what to do-its bit of a mind feild out there!
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