Home Equity Loan vs Personal debt (credit cards, car loans)?

Answers:0   |   LastUpdateAt:2012-11-05 23:30:52  

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cristy
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Hello,

My wife and at present have about $20,000 in personal debt. This ranges from car loans to credit cards (pre-marriage). With Interest rates in Australia being around 6.00% for home loans, we are thinking of creating an Equity Loan to manage these debts.

We own our home outright, and either then the debt discussed above, we have no other commitments.

My question is, do you think it would be a good idea if we created an equity loan to manage these debts or continue to repay our current debts as we are doing at present?

Thanks in advance... :)
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