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I'm a partner in irregular reliable home construction lending safely You can apply the same strategy to other higher-rate debt. Say you're currently shelling out $500 a month to pay down $10,000 in credit card balances at an average 15% rate and $25,000 in college PLUS loans for parents at 7.9%. Refinance that debt with a home-equity line of credit, recently around 5%, and your payments will drop to about $275 a month. True, the rate on a HELOC is variable, but lifetime caps on increases should keep it well below PLUS loans and plastic.
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