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Exploring Home Equity Options for Managing High-Interest Debt in El Paso

KVIA•Thursday, July 16, 2026 at 8:19 AM•Stacker

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AI Summary

With over $1 trillion in credit card debt across U.S. households, many El Paso homeowners are considering using their home equity to tackle high-interest obligations. Home equity can be accessed through loans, HELOCs, or investments, allowing homeowners to consolidate debts like credit cards and medical bills. The average credit card APR is currently 21.52%, making it crucial for individuals to evaluate their financial situations and determine the best method for accessing their home equity. Home equity loans offer fixed payments, while HELOCs provide a revolving credit option. Homeowners should assess their equity, credit scores, and financial goals before proceeding.

Key Details: • Average credit card debt in the U.S. is $6,715 as of Q4 2025. • Home equity loans require a credit score of at least 620 for approval. • Consider using home equity primarily for high-interest debts. • Evaluate your home’s market value and remaining mortgage balance to determine available equity.

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