Good morning – like many, my families in a bit of a hole. Please be kind, I know this is a problem of our own creation. Just hoping for insight on the best way to get out.
Over the last 6 months we’ve started to buckle down and consistently budget. My husband lost his job last summer and we were vastly overspending and not saving enough for a long time.
Some facts to consider: We’ve got $30,000$ in consumer and personal loan debt. That equates to about $1500/month in minimum payments. We have ~$167k in equity in the house but any heloc we have to take out 50k minimum. Does consolidating with a personal loan make more sense so that it’s one single lower interest payment?
What’s the benefit of personal loan vs HELOC routes?
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