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Opinion on Home Equity to pay down debt

By Terry Savage on October 02, 2022 | Credit/Debt

My wife and I both work and have about $50,000 in debt. Our home is payed off and we really do not have much saved for retirement. I”m 67 and my wife is 63. We live paycheck to paycheck and my credit score is 580. Is a home equity investment a good option for us to pay off debt and save some money?

Terry Says

That will just pile more debt and entice you to charge up your cards again. Get trusted and personalized advice by calling the National Foundation for Credit Counseling at 800-388-2227. They will go over your debt and help you find ways to pay it down. Could either of you take a part time job for a year, and devote all the earnings to paying down your debt, which I presume is credit card debt? That’s the best way out. Otherwise you will keep being buried by the interest that accrues.

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