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by - Elizabeth Bean
When you use a home equity loan to achieve credit card consolidation for debt relief, you’ll have another advantage to look forward to – a possible tax deduction! The deduction may be possible on the interest that you pay on the home equity debt consolidation loan.
Usually, if you are adding your first mortgage to a new home equity loan for debt relief, and the total of that loan isn’t greater than 100 percent of the appraised value of your home, then you’ll be able to deduct all of the interest that you’re paying. To make sure that you qualify, you’ll want to speak to a debt relief professional who has experience in credit card consolidation and tax information.
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