Behind the Vault

How a HELOC Can Help You Consolidate Debt

Tired of juggling multiple payments? A Home Equity Line of Credit¹ (HELOC) might just be the solution you’ve been looking for. Here’s how it can help simplify your debt and give you more control over your finances.

Competitive Rates Save You Money

One of the biggest advantages of using a HELOC for debt consolidation is the lower interest rates. Credit cards and personal loans can often have higher rates, making them take longer to pay off. A HELOC typically offers more competitive rates, allowing you to pay off debt faster with lower interest.

Flexibility to Borrow What You Need

Borrow only what you need when you need it with a HELOC. If your debt is less than your available credit, you can borrow just what you need—without paying interest on the unused amount; if you need to borrow up to your credit limit on the extra funds, that remains available, too.

Convenience for Emergencies

Life is unpredictable, and having quick access to funds can bring a sense of security. A HELOC offers the convenience of an available credit line for those unexpected expenses, like home repairs or medical bills, so you’re not reaching for high-interest credit cards during emergencies. Simply tap into your HELOC funds using the Family Trust Digital App or online banking.

It’s an easy way to simplify your finances and save money. Less stress, more control—that's what consolidating debt with a HELOC could offer. Ready to explore your options? We’re here to help every step of the way.

Use the chat feature at familytrust.org to hear from us during business hours or give us a call at 803-367-4100.

1. Must be 18 to apply. Qualification is based on creditworthiness, income and other underwriting factors, and is subject to approval. The APR for a Home Equity Line of Credit (HELOC) is variable and based on Prime Rate as published in the Wall Street Journal, plus a margin of up to 6.25%. As Prime changes, the APR on your account will change. The APR will not go below 3.25% or exceed 18.00%. A HELOC is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes or cooperatives. The minimum line of credit amount is $10,000. Property insurance is required, and flood insurance is required where applicable. Closing costs such as attorney fees, insurance premiums, property taxes and appraisal fees may apply.