Quick Tip: Home equity could help tackle high-interest rate credit card debt, experts say

CHICAGO (WLS) -- Here's a quick tip about a tool, which could help tackle high-interest rate credit card debt.

According to consumer experts, home equity could help. Credit card interest rates average more than 22 percent, but a home equity line of credit could be much less: around 9 percent.

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Financial experts at "Splitero" say, in 2024, lenders issued more than 671,000 Home Equity Lines of Credit.

You could use a loan like this to pay off your credit card debt.

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If you go this route, you should then continue to pay off any credit card balances monthly.

You don't want to get back in the same situation with credit debt, and have a home equity line of credit over your head.

Also, do your research, compare lenders and consult a financial advisor before tapping into your equity.