Savings Corner
DECEMBER 24, 2023
One of the biggest benefits of a personal loan is that they often charge lower fixed interest rates when compared to other forms of lending, like credit cards. Pros Lower interest rates: Personal loans typically have lower interest rates compared to credit cards, especially if you have a high credit score.
Savings Corner
APRIL 4, 2024
You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Home equity lines of credit: A HELOC is more flexible and allows you to fund multiple projects over time. Home equity can be a valuable resource for homeowners.
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Savings Corner
APRIL 4, 2024
Credit card rates are lingering above the 20-percent mark, and personal loans can stretch into the 25–35 percent range for borrowers with less-than-perfect credit scores. You can deduct the interest (up to the limit) if the home equity loan is used to “buy, build or substantially improve” the property. to 10 percent.
Savings Corner
APRIL 4, 2024
Paying down your mortgage helps build equity in your home, but you don’t have to wait until you completely repay it, or sell the property, to access that equity. You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs.
Penny Pinchin' Mom
MARCH 11, 2024
Whether you are looking to save extra money for your emergency fund and potential unexpected expense, a new kitchen, or your kids’ college tuition—you name it—you will require self-discipline and a plan to reach any financial goal. What I do is use my credit cards in conjunction with cash back apps.
Savings Corner
APRIL 4, 2024
Specifically, the IRS allows deductions on HELOC or home equity loan interest payments if the funds are used to “buy, build or substantially improve the residence.” Frequently asked questions on HELOCs What is a home equity line of credit (HELOC)? Like credit cards, HELOCs come with variable interest rates.
Family Balance Sheet
SEPTEMBER 9, 2014
About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) We just wanted to pay off our credit cards, which seemed like a huge task since we’d struggled with it for years. Building an emergency fund also helps enormously. The rest was our house.
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