Wachovia eNewsletter - Take Charge of Your Debt.

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1st Quarter 2007 The Future is Now

Take Charge of Your Debt

Debt in and of itself is not necessarily a bad thing. Under the right circumstances taking on manageable debt is a wise choice, and is usually necessary for making major purchases such as a home, car, or a college education. But, if you've reached a point where your debt is growing out of control and there is nothing left of your income to save or invest, it is time to take action.

Debt consolidation — combining all your balances into one, manageable monthly bill — might be the way to go¹.

Be Smart About Debt Consolidation
If you own your own home and have equity in it, a Home Equity Loan could be right for you. Interest rates are fairly low, rates can be locked in, and just like your mortgage, interest is usually tax deductible².

A Prime Equity Line of Credit lets you establish a flexible line based on the equity in your home and draw on it for almost any purpose simply by writing an access check³.

Get a personal loan
If your credit is reasonably sound, you may qualify for an unsecured loan. While interest charges may be high, they will most likely be less than the 20 percent or more you are likely paying your credit card company.

Put your business to work for you
A Business Equity Line (BEL) allows you to use your residential real estate to qualify for short- or long-term credit. Since the loan remains in your business's name, it helps you keep your business and personal expenses separate. It is also a helping hand for your business if you have outstanding receivables. The BEL can help keep your business going while you are waiting to be paid.

Don't Let It Get You Down
The worst thing to do is nothing. If your debt needs more management, just do a little homework and decide which financial tool is right for you. Once you've made a decision, you'll feel the sense of accomplishment that comes from taking control. Even better, paying your bills at the end of the month will be much less stressful.

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All loans and lines of credit are subject to credit approval, verification, and collateral evaluation. Initial decision is subject to you meeting specific underwriting requirements and final approval will be based upon you satisfying those requirements. All loans and lines of credit are originated by Wachovia Mortgage Corporation, Wachovia Bank, National Association, or where applicable Wachovia Bank of Delaware, National Association. Products not available in all states and are subject to change without notice. If your property is located in a state that requires a tangible net benefit analysis on refinances of existing home loans or lines of credit, your application will be subject to this analysis as required by state law.

¹ While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity loan/line will require you to give Wachovia a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid by a borrower over the term of the home equity loan/line. TX Only: Debt consolidation restrictions may apply.

² Consult your tax advisor concerning interest deductibility.

³ TX only: In accordance with state law, any single debit or advance must be at least $4,000.

This newsletter does not constitute legal, accounting, tax or other professional advice. We recommend you contact your own legal, accounting, tax or professional advisor as neither Wachovia nor the publisher assumes responsibility for your relying on the information provided.