Home Equity Loan or Home Equity Line of Credit – Which is right for you?Written by Charles Essmeier
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against principal more than once over life of loan. The borrower is usually given special checks that he or she may use to write checks against loan amount. The borrower may borrow a little at a time, or borrow all of loan amount at once. Unlike term loan, interest rate on lines of credit tends to be variable. This type of loan works best for recurring expenses – a complicated remodeling project accomplished in several stages, or a recurring educational expense such as annual tuition.
Each type of loan has its advantages and disadvantages; you simply need to decide if you want a fixed interest rate and fixed payments, or more flexibility in terms of when and how you pay. Your needs will determine which type of loan is best for you.
Either way, under current Federal law, interest on a second mortgage is deductible from your income taxes up to $100,000.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
| | Leave Home Without It...How to Avoid Credit Card DebtWritten by Johann Erickson
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The two most important steps you can take to avoid getting into trouble with credit cards in first place is to pay off balance each month and pay on time. A good rule of thumb to remember is that if you can’t pay off most, or all, of balance on your credit card, then you have overspent and should immediately cease and desist with any additional charges. If you can’t be trusted not to use your card then give it to someone you do trust or freeze it in a block of ice in your freezer (no, I’m not kidding). Also, do make your payments on time because late fees not only add up, they can be potentially damaging to your overall credit record. Something you may want to keep in mind when hoping to get a loan for a house or a car.
Getting out of debt is not an easy thing to do, but it is possible. Of course, easiest thing to do is to avoid getting into credit card trouble in first place. So next time you feel yourself lusting over that big screen TV, think twice. By time you’re done thawing out your credit card from that big block of ice, you’ll probably decide it’s not really worth it.
For more information on your credit report and for more credit repair tips please visit us at Helpful Home Ideas.
Johann Erickson is the owner of Online Discount Mart and TV Products 4 Less. Please include an active link to our site if you'd like to reprint this article. He is also a contributing writer for sites such as Helpful Home Ideas
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