Using Home Equity to Consolidate High Interest Debt

Home equity loans and HELOCs can help homeowners consolidate high-interest debts such as credit cards and personal loans. Home equity positions are at record highs across the Atlanta area with the run-up in values over the last 5 years, but consumer debts are also at record levels due to inflationary pressures and the cost of living. In many cases, refinancing your home to take cash-out is a great move, even if you refinanced in 2020-2021 to a super low rate. The reason is that most consumer debt is at egregiously high interest rates with high correlating payments each month, and on balance the refinancing process can easily save hundreds (if not thousands) of dollars per month.

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