fizzgizz
New Member
Cash: $ 0.85
Posts: 4
Joined: 25 Jul 2007
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| Using Line of Credit as Checking Account?? |
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Hi. I am interested in getting out of debt faster. I have looked at different models on how to get out of debt faster and I was wondering if anyone has compared the following.
In one plan - you use a Home equity line of credit as your checking account. It was on a website I saw. I didn't sign up for it cause it was like $3K just for the software!!! (funny since they are trying to show you how to get OUT of debt!) Anyway - it explained that you use your HELOC as your checking account. You put all income into the HELOC, then use your HELOC to pay off your day to day expenses - it is supposed to help you pay off your credit cards and your mortgage faster all the while getting the benefit of having the interest be tax deductable.
The other plan is simply paying off your higher cards first, then when that is paid off, you apply that amount to the next highest interst cards....until it is all paid off.
Wondering which is a better choice. You could pretty much use the second plan in conjunction with the first plan....would that be a good choice??
Thanks for any insight you guys have...
Tara
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