If you have large debts on one or more Credit cards, you may be struggling to make progress in paying off the debt. It takes years to make the least payment in order to actually pay off the balance, because interest makes most (often, half as much) of each payment.

Also, since most credit cards have variable interest rates, your least payment amount increases as interest rates rise higher. Add multiple credit cards with fall rhythm dates and different amounts and you can quickly find yourself in a cash mess.

Thankfully, if you own your home and have some built-in equity, you can apply for a home equity loan, which you can then use to pay off credit card debt. Home equity loans and HELOC (home equity lines of credit) are two versions of the same type of loan but they have some major differences. For one thing, the way you calculate your loan payments is because they are completely different.

The Home Value Credit and HELOC calculators are flexible enough to calculate payouts for both types of loans. It can also calculate the amount of add up to your payment, the amount of interest you pay, and your final balance on the loan or line of credit, and generate an amortization schedule to pay off the loan.

On the other hand, one of the big advantages of using a home equity loan to pay off your credit card debt is the low interest rate given for this secured loan. Most home equity loan rates are just one step ahead of preliminary mortgage rates, and are usually much lower than your credit card interest rate. Therefore, using a home equity loan can help you pay off your credit card debt faster, because little money goes into interest.

Interest imposed on a home equity loan may also be tax deductible for persons specifying tax deductions. Therefore, you will likely find a combination of interest and tax savings from this option that is profitable compared to other debt management strategies.