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I have $22,000 of credit card debt on one credit card that i want to eliminate or drastically reduce as soon as possible. i am making much more than the minimum payment now. The card has an 8.99% variable APR. The minimum payments have been over $400 for a long time now.
I just received an offer from my mortgage bank offering me a 3.74% variable APR equity line of credit. Would it be smart and save me a lot to switch my credit card balance to this and keep paying higher payments or am i better off continuing to pay down the credit card? Thank you very much!