Should I Use HELOC to Lower Debt Payments?

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Financial Analysis
  Debt HELOC
Debt Amount $9,000.00
Monthly Payment $910.00 $56.15
Average Interest Rate 12.933% 6.375%
Payoff Timeline 0 Yrs 11 Mts 30 Yrs 0 Mts
Total Monthly Payment $9,567.93 $20,213.38
Total Deductible Interest $0.00 $11,213.38
Average Annual Tax Savings $0.00 $97.18

         
 
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If you have a lot of debt with varying interest rates, especially high interest rates, then you might want to consider debt consolidation options. You can qualify for a home equity line of credit or HELOC through your bank or other financial services companies; use that money to pay off your debts.

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