| Paying of debt with HELOC |
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Tommy42
New Poster
Cash: $ 0.45
Posts: 2
Joined: 19 Sep 2012
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| Paying of debt with HELOC |
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Hello. I currently have an open HELOC with a very low interest rate and zero balance. I was toying with the idea of paying off our cars as the HELOC rate is lower than the car loans. We owe around $20k between both cars. I was going to use the savings from the car payments to up our 401k contributions and make additional principle payments on our first mortgage. Any thoughts? Thanks in advance
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Wed Sep 19, 2012 8:31 pm |
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Tommy42
New Poster
Cash: $ 0.45
Posts: 2
Joined: 19 Sep 2012
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Thanks for your thoughts. I'm aware of the increased exposure, but we have 50% equity in our home so the risk is minimal from that standpoint. Considering I can get our home paid off in close to half the time remaining, I think it's worth it. Thanks again
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Wed Sep 19, 2012 11:46 pm |
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