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Consolidate Debt

Your home equity can be helping you with your debt.

There’s a little bit on one card, a big chunk from your last vacation on the other, and those pesky student loans left over from your college days.

You’re not alone. In fact, NerdWallet.com reports that the average US household carries upwards of $16,000 in credit card debt alone. Wondering about how much student loan debt we are under? If you added up all Americans’ student loan, the sum would be a staggering $1.19 trillion!

Carrying too much debt impacts your life in a lot of ways beyond just the stress of the high monthly payments. For example, it can be harder to secure a loan for the purchase of a new home or auto if your debt‑to‑income ratio isn’t that great.

Pay it down

If you’d like to pay down what you owe at a lower interest rate, some of which might be tax deductible (make sure to talk to your tax professional to confirm), a loan against the equity you’ve built up in your home might be a financial solution. You’ll start paying only one bill and taking a chunk out of the entire debt each month.