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The concealed potential risks of utilizing personal credit line to combine financial obligation

The concealed potential risks of utilizing personal credit line to combine financial obligation

Posted: 16, 2018 april

Updated: April 16, 2018 4:00 AM PDT

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Scott Hannah warns that a relative personal credit line is simply something that will help you handle your money; it may be good or bad based on the way you put it to use. Gzorgz / Getty Images/iStockphoto

Q: We have two charge cards with outstanding balances of around $5,000 and $8,000. In addition owe about $15,000 back at my auto loan. I am aware it is crazy to be holding a balance on your own bank cards which explains why We talked by having a loans officer inside my credit union where i’ve my home loan about consolidating my financial obligation at a diminished interest rate. With a limit of $50,000 because I have a good credit rating and equity in my condo, they have approved a line of credit for me. They might have offered me personally $100,000 however they could have needed to place a lien regarding the name of my condo and I also didn’t desire that. The credit line will allow me to combine my financial obligation at a reduced rate of great interest sufficient reason for a minimal payment that is not even half of exactly what my payments are now. That I should be aware of before I go ahead and consolidate debt on a line of credit, I wanted to know if there are any hidden dangers.