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Risks and rewards ... using equity in your home to pay off credit card debt.

Publication: Black Enterprise
Publication Date: 01-OCT-07
Format: Online
Delivery: Immediate Online Access
Full Article Title: Risks and rewards ... using equity in your home to pay off credit card debt.(CREDIT MANAGEMENT)

Article Excerpt
TWO YEARS AGO PATRICIA ROBERTS-ROSE OF CATONSVILLE, Maryland, stopped working full time to stay home with her two young children, Amaya, 6, and Aliya, 3. Knowing that they now would be relying on one salary, Roberts-Rose and her husband, Eugene, cashed in on the equity in their home to consolidate bills and supplement their household income. The couple obtained a home equity line of credit of $30,000 at 8% interest.

The Roses are typical of many American families. Nearly one-fourth of all homeowners have a home equity...

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