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MRLOVE | I have a 20, 000 line of credit with bank of america, is this better than a home equity line of credit? |
What I like about this unsecured loan is: 1. It is not secured
2. Can have it as available cash |
 |
 
tycobb9999
|
WHY DON'T YOU LOOK AT THE INTEREST RATE OF EACH ONE, BOZO, AND THEN YOU CAN ANSWER YOUR OWN IGNORANT QUESTION. |
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John G
|
Depends on what the interest rates are for each loan. |
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Beautiful Disaster
 |
Right answer cinsingl8!! Couldn't have said it better myself. Definately find out the interest rate. If it's a personal loan unsecured that rate is probably much higher then a home equity line of cedit. The home equity might offer you tax advantages as well as having funds available to you at all times. |
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Jen G
 |
Neither is great... You're much better off to save your money and pay for the things you need the lines of credit. Don't pay interest and save your money. |
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kb5ypn
|
Defaulting on a home equity loan can cost you your home. Try something innovative. Save your money to purchase the things you want to buy. You won't give away so much cash to a finance company and by the time you have the money you may want something else instead. You won't have the instant pleasure of your purchase, but you will find is a short time without debt you have a lot more money to use. Your choice. |
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fcas80
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Better depends on interest rate and whether the tax deductibility of the home equity is important to you. |
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AURORA H
 |
if you should default, you still have a home to come to |
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cinsingl83
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The unsecured most likely has a higher interest rate. Also, the home equity loan has tax advantages that can lower the effective interest rate. The unsecured loan has no tax advantage. Most often you're better off going with the home equity loan or line of credit. |
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corporatetrade
 |
Unsecured is better..if the interest is not too bad |
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J Somethingorother
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The interest rate you pay on a line of credit will be higher than a home equity loan. The home equity loan also gives you a tax deduction on the interest you pay while the other doesn't. You're financially better off with the home equity line of credit. |
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dutchlady
 |
It may be unsecured, but it isn't tax deductable. If you want to deduct interest on your tax returns, the home loan works. But be sure you really need the money, to be getting a second on your home. That just means more money to pay back over time. Make a plan as to how you will re-invest the money back into your account as soon as possible, or down the road, you will be a very sorry person. Good luck. |
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snappy5@sbcglobal.net
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unsecured debt is much better for the consumer. - costs less to get and less risk to you!!
Interest rates may vary |
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Joel W
 |
It depends on how long your house loan is for, and is your line of credit cheaper than you loan is for, also is it a fixed rate if so simply put yes it all depends on how high the aprs are and if they are fixed or not, because they can raise your rates for being late then you pay them more.
On a 20 % fixed apr you pay 20 bucks on every 100 bucks you spend, thats how they make their money! Now if you pay it off that month you do not pay them the 20 bucks, pay off meaning in full and not just for that item
Understanding before you sign up will save you money
You need to read the fine print, meaning the tinny print |
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