How to use a HELOC to pay off debt (and when it makes sense)

Are you overwhelmed by credit cards, personal loans, or medical bills? Depending on your financial situation, using a home equity line of credit (HELOC) to pay off debt could be a smart move. However, it’s crucial to understand how paying off or consolidating debt with a HELOC works to decide if it makes sense for you. HELOC: What is it, and how does it work? A HELOC is a line of credit drawn from the equity in your home. It functions like a credit card with a revolving line of credit, unlike a traditio ...