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NJmom
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Member since 8/05 4987 total posts
Name:
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Paying down HELOC
If you had a chunk of money would you keep it in savings or investments or pay down your HELOC? I think the interest rate on our HELOC is up to 9%! I figure if we need the money we can always take it back out. I think it's costing us more money in interest than we would be making on it if we keep it in savings/investments.
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Posted 6/13/06 4:27 PM  |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Paying down HELOC
No savings account or mm is going to give you a rate of over 9%. Stocks and bond investments generally are better but over a long term (20-30 years).
I would pay off the loan.
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| Posted 6/13/06 5:06 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Paying down HELOC
We have a HELOC too and our payment doubled just for interest. If you have extra money pay down the principal of the HELOC it will be better for you in the end than saving it in the bank.
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| Posted 6/13/06 5:22 PM |
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jaysee00
LIF Adult
Member since 3/06 1647 total posts
Name:
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Re: Paying down HELOC
Although it would be hard for me to see the money go, I think it's definitely the best thing to do...paying down a HELOC.
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| Posted 6/13/06 5:46 PM |
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