Hard to get all the info in a short, but a Heloc at 8% interest with a 10yr draw period versus credit cards at 25% interest is a no brainer. Get the heloc, pay off credit cards, dont close the cards, just dont use them anymore. Fix spending habits or your in quick sand fast
I will be forever grateful to you Mrs.Susie Richardson. You have changed my entire life and I will continue to let the world know your name. You saved me from a huge financial debt with the little I had. Thank you Mrs.Susie Richardson.
I want to tell you today that Mrs. Susie Richardson was mentioned here. A family friend recommended her to me when I was living in Italy during the Corona crisis. She is amazing.
Hi. buying sister out of inherited house I live in. Need to give her one big payment. Have over 80% equity on it. Home equity loan is the way to go? Not a heloc?
I don’t usually comment on background noise. But that was unbearable. I’d like to know approx difference in rates for HELOC vs HE-loans… not enough info on this. Thnx
@@andyk4972 the video is older and the rates change all the time. If you have a favorite lender reach out to them if not I can recommend one. Thanks for the feedback too.
Not good advice at all. Although both are adjustable rates, your credit card is probably two times the interest rate of your HELOC using your HELOC to consolidate debt is perfectly fine if you have a plan actually pay more than a minimum payment. Don’t close your credit cards.
What we are saying is people Should not be using their homes equity over and over to fund a lifestyle they cannot afford. I see this happen way too much and then they sell their home they have way less equity then they should because they charged all sorts of things to their credit cards. For most people credit cards are a dangerous thing and keep them done financially.
@@pauladams6100 no one would ever suggest that someone do that. If you are borrowing against your home you better have a great reason and be very very careful.
@@betitos11 I am confused by what you said. One she works for a mortgage company. Two, you say she does not know how to use a HELOC but a HELOC is better. Please explain. Thanks.
@@LivingInRenoTahoe- A Heloc is a very helpful tool to pay debt very quickly. Its not necessarily for something small. A loan is terrible because its a closed end loan, you make a payment and that money is gone. A Heloc revolves you can use it over and over. Ive done the strategy of moving debt into Heloc and transfer all income into Heloc. Income minus expenses equal cash flow. Example Income $10k monthly Expenses $7k monthly Cashflow $3k monthly Equals to making $3k monthly payment towards debt. She says dont pay credit cards with Heloc. Transfer card balance to Heloc, example Card balance $10k in Heloc Income in $10k balance $0 Expenses out $7k by end of month Leave in $3k is payimg down balance. $10k will be paid off in 3.5 months instead of years paymg cards minimum payments. And if you open a Heloc you dont have to use it. Leave it as an emergency funds.
Hard to get all the info in a short, but a Heloc at 8% interest with a 10yr draw period versus credit cards at 25% interest is a no brainer. Get the heloc, pay off credit cards, dont close the cards, just dont use them anymore. Fix spending habits or your in quick sand fast
@@kingpinballer242 very true. Must be disciplined to do this and that’s where people mess up.
I will be forever grateful to you Mrs.Susie Richardson. You have changed my entire life and I will continue to let the world know your name. You saved me from a huge financial debt with the little I had. Thank you Mrs.Susie Richardson.
I am surprised that you mention Susie Richardson here. I recognized this woman at a conference in 2018 and we met afterwards.
I want to tell you today that Mrs. Susie Richardson was mentioned here. A family friend recommended her to me when I was living in Italy during the Corona crisis. She is amazing.
How did you do that please? I am a beginner in investing. Can you guide me?
SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME
@ExpertSusie💯
The music is so loud that the messages lost.
Hi. buying sister out of inherited house I live in. Need to give her one big payment. Have over 80% equity on it. Home equity loan is the way to go? Not a heloc?
@@wd6551 correct. A HELOC
Is for smaller amounts.
I don’t usually comment on background noise. But that was unbearable. I’d like to know approx difference in rates for HELOC vs HE-loans… not enough info on this. Thnx
@@andyk4972 the video is older and the rates change all the time. If you have a favorite lender reach out to them if not I can recommend one. Thanks for the feedback too.
Not good advice at all. Although both are adjustable rates, your credit card is probably two times the interest rate of your HELOC using your HELOC to consolidate debt is perfectly fine if you have a plan actually pay more than a minimum payment. Don’t close your credit cards.
What we are saying is people
Should not be using their homes equity over and over to fund a lifestyle they cannot afford. I see this happen way too much and then they sell their home they have way less equity then they should because they charged all sorts of things to their credit cards. For most people credit cards are a dangerous thing and keep them done financially.
Paying for a steak with your credit card… transferring credit card debt to HELOAN…. Paying for that steak over the next 27 years….
@@pauladams6100 no one would ever suggest that someone do that. If you are borrowing against your home you better have a great reason and be very very careful.
Never close your credit cards
@@KingNestor23 why?
@@LivingInRenoTahoe you’re basically telling the bank you can’t handle the account.
@ not true. I have closed accounts before that were not necessary to have anymore.
To each its own
@ I agree with you on that. lol. Have a great day and thanks for commenting.
That woman does Not know how to properly utilize a Heloc and probably works for a bank. A loan is. TERRIBLE idea, a Heloc is so much better
@@betitos11 I am confused by what you said. One she works for a mortgage company. Two, you say she does not know how to use a HELOC but a HELOC is better. Please explain. Thanks.
@@LivingInRenoTahoe- A Heloc is a very helpful tool to pay debt very quickly. Its not necessarily for something small. A loan is terrible because its a closed end loan, you make a payment and that money is gone. A Heloc revolves you can use it over and over. Ive done the strategy of moving debt into Heloc and transfer all income into Heloc. Income minus expenses equal cash flow. Example
Income $10k monthly
Expenses $7k monthly
Cashflow $3k monthly
Equals to making $3k monthly payment towards debt. She says dont pay credit cards with Heloc. Transfer card balance to Heloc, example
Card balance $10k in Heloc
Income in $10k balance $0
Expenses out $7k by end of month
Leave in $3k is payimg down balance. $10k will be paid off in 3.5 months instead of years paymg cards minimum payments. And if you open a Heloc you dont have to use it. Leave it as an emergency funds.
Betitos11 is an idiot unfortunately. Pay no mind.