Should I Use a HELOC for Home Repairs?

Should I Use a HELOC for Home Repairs?

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• The Ramsey Show (Highlights):

[swackhammer]

"Let me call Dave Ramsey and ask if I should borrow money" - Caller who odviously never listened to Ramsey before

[wsanders]

Dave, I want to thank you for your honesty and advice. You saved me from doing a debt consolidation program and face this mess I got myself into on my own. Since doing so We've already payed off some debt and are on our way!! Couldn't thank you enough!

[richyeilding]

For April fool's day, dave needs to do a video where he actually tells someone to take out a loan for a car and buy a time share

[georgestone]

HELOCs are revolving credit. You can borrow money, pay it back, and borrow it again, up to a maximum credit limit. Anyone who has been investing while working won't have to think towards the HELOC direction. For me, I have come to discover that the secret to making millions is making better investments.

[Pandorash]

Anthony knew the answer. But no one can deliver it like Dave.

Dave, never leave us! 😫☺️

[weaselton]

Also do not forget that housing allowance is not taxed.

[quincyxan]

What if you have no debt and the house actually needs it? Taking out a HELOC for renovations only increases the value of the property, and the interest is tax deductible.

[matthewwilliams]

he said that nicer then I lol. go back to work well get there faster together hun 🤗

[tjdjinn]

So....when is it okay to borrow from a HELOC? I actually have structural reappears needed on my roof, eaves, soffit, and maybe tailed of some rafters. The previous owners were not the best at getting repairs done nor taking care of anything

[Ofthegirl]

Be nice to know what specific repairs are needed for the house; since a home is your biggest potential asset, you don't want it to deteriorate causing even more costly expenses over time! I don't believe we were given enough information about which repairs are needed? Wood repair? Plumbing issue? Roof needs replacing? Let's just make a sexist assumption there is a nagging woman who wants her way. I'm really not impressed by this interaction at all!

[salvispot]

This is wild. I have this situation occuring to me right now. This was the answer I needed hear to take the correct road.

[bettysmith]

LOL, Dave's comments about the wife being at home...

[RJRussoVids]

When people call to ask Dave for permission to go deeper into debt I pause the video, heat up the coffee and start making popcorn!

[WannaBeHocker]

Dave laughs like The Count in Sesame Street

[prkzoomin]

Being willing to suffer often Brings Great Rewards

[jcrowley]

Roof, furnace, and plumbing are really the only things that justify borrowing. Any aesthetic or "upgrades" are wants not needs .

[HangNguyen-ihrf]

There is an emergency home repair and there is an “aesthetic” repair. I never understand the later one.

[lourdesboet]

The wife should do some repairs
Ie paint

[autumnjerene]

E5 BAH is $3000 in San Diego!?! My how things have changed since we were there! I remember it being expensive, but goodness! Inflation ain't no joke out there.

[dapperdanny]

That shirt Dave is wearing is straight up fire!!!