When hard-working people find themselves swimming in high-interest debt, it’s time to look for a lifeline and pull yourself out. Leveraging your home equity to consolidate monthly payments that are crushing your financial health and quality of life can be a game-changing solution.

If you’re looking for a way to deal with debt that is both flexible and affordable, a home equity loan may be a good solution. For homeowners who have built up some equity in their homes, this type of loan allows them to tap that equity and use it to pay down high-interest debt. Here’s a closer look at how home equity loans work, and when they work well for debt consolidation.

If you want to save money and make some progress in paying off the bills and other debt you owe, you should consider accessing the equity in your home for a debt consolidation loan to achieve your goal of being debt-free. The two typical ways to access the equity in your home for a debt consolidation loan include a home equity loan and a home equity line of credit, better known as a HELOC. Below are some comparisons of a HELOC vs Home Equity Loan so you can see the pros and cons of each.

The average debt load for Americans, including mortgages, student debt, credit cards, and car loans, is $90,460. All of this debt contributes to a high level of stress for many families. 

Securing a debt consolidation loan and paying down your obligation can fast-track you to an improved credit rating and financial stability. But success requires personal vigilance and fiscal responsibility.

Life happens, and along with it often comes debt…and you know what? That’s ok! Whether we have debt in the form of student loans, medical bills, an emergency of some sort that had to be financed, or too much spent on credit cards - we have all had our share of debt to repay.

Homes, like people, are a work in progress. Using the equity you’ve acquired in your home to enhance your home’s features, quality of life, and property value can be a very wise investment. As winter winds down and spring gets closer, it’s time to contact contractors for quotes and to schedule the home improvement projects you are considering. Those who delay may have to wait until late summer or fall to reap the benefits of the upgrades. After finalizing a contractor and quote, keep in mind a home equity loan as a low-interest funding option.

Smoke detector maker First Alert is offering these home safety tips:      Practice a fire escape plan. According to a recent study conducted by First Alert, only 43 percent of Americans report having a home escape plan in place. However, only a quarter (26 percent) have ever practiced it. After planning an emergency escape route, practice it at least twice a year.

When it comes to increasing the value of your home, you should not spend home improvement dollars willy-nilly; some upgrades and renovations are considered more valuable than others.  Rather than putting your hard-earned cash down the garbage disposal in unnecessary expenses, consider the following checklist of home improvement items that are worth every penny.

According to the United States Census Bureau, the homeownership rate for Americans at the close of 2017 was at 64.2%. With over half of the country owning their own homes, understanding how to make the most out of homeownership is more important than ever. Homeowners can do more with their homes than simply live inside of them.