Should I Use a Home Equity Loan for Debt Consolidation? A home equity loan may be best used for consolidating high-interest debts, such as credit card debt, personal loans and medical bills Those types of debts often come with high interest rates
Pros Cons: Home Equity vs Personal Loan for Debt Consolidation A home equity loan and personal loan are two loan products that borrowers often use to consolidate debt Pros and Cons of Using a Home Equity Loan for Debt Consolidation If you are a homeowner that has over 20% equity in your home, you may qualify for a home equity loan This type of loan uses your home as collateral