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The major snag of taking out a home equity loan to pay off debt is that your home would be on the line. <\/p>
As your home serves as collateral for the loan, the lender could seize and sell it if you are unable to pay back your loan.<\/p>\n
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You’ll also face serious financial consequences, especially in your credit score when you can’t repay credit card debt. <\/p>
As credit card debt is not secured by your home, you’ll be at far less risk of losing your home. <\/p>
You can keep your principal residence even if you have to declare bankruptcy because of your debts.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t