thread title...

pros? cons? would like random advice for perspective lol

Revolving credit can be good, especially if you keep significant amounts in savings, plan to pay it off quickly with excess income, or are just well disciplined. If you're bad with money, you're going to want to do a smaller portion as revolving credit, or none at all. It definitely allows for more flexibility.

With savings, you'll basically be gaining your interest rate, so it'll typically make you more money than putting it into a savings account.

If you have a big family with a lot of trust and a lot of bills, you could even have everybody split their direct deposit and have a portion go into the account and have their bills automated from the account. This allows you to save on interest because the interest calculates every day, so the more you pay the account down by depositing into it, the less you have to pay.

thank you man!!
appreciate you giving me a proper response!

Mortgages typically come in two types: fixed-rate and adjustable-rate, the latter of which includes revolving credit options such as a Home Equity Line of Credit (HELOC). Each has its own pros and cons.

Fixed-rate Mortgage:
Pros:

Predictability: Your interest rate and monthly payments stay the same for the life of the loan. This predictability makes budgeting easier.
Stability: If rates go up, your rate stays the same. This provides protection against rising interest rates.
Simplicity: This type of loan is easier to understand for most borrowers and is the traditional way of doing things.
Cons:

Lack of Flexibility: If interest rates drop, you're stuck with the higher rate unless you refinance, which can cost thousands of dollars.
High Initial Payments: Fixed-rate mortgages often start with higher payments than adjustable-rate mortgages.
Time: If you don't plan to stay in the house long-term, you might pay more in interest than with an adjustable-rate loan.
Revolving Credit (HELOC):
Pros:

Flexibility: You can borrow as much or as little as you need, up to your credit limit.
Potential Tax Benefits: The interest may be tax-deductible if the money is used for home improvements.
Lower Interest Rates: The initial interest rates are often lower than those of fixed-rate mortgages.
Cons:

Risk of Overspending: Because you can borrow against it repeatedly, it can be tempting to borrow more than you can afford to repay.
Interest Rate Risk: The interest rate is variable, which means it can increase. If rates rise, so do your payments.
Risk of Foreclosure: Just like with a traditional mortgage, your home is collateral. If you can't make your payments, you could lose your home.
Each type of loan may be suitable for different people in different situations. For example, if you're someone who values stability and predictability, a fixed-rate mortgage might be the right choice for you. On the other hand, if you need flexibility and believe you can handle potential increases in interest rates, a revolving credit line could work well. As always, it's recommended to discuss these options with a financial advisor or a mortgage professional.

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