Shop around for the account that will give you the best rate with no monthly fees. Lots of folks decide to forego an emergency fund, figuring that they can always reach for their credit card instead. If you're thinking about this route, be sure to consider the real costs. You'll also run into the possibility of hitting your credit limit. If you do decide to rely on credit for emergencies, consider a home equity line of credit.
Interest rates are much lower than for most credit cards, and the interest is often tax deductible.
Shop around for a no-cost or low cost program. Remember that the time to arrange your line of credit is before you're faced with an emergency. If you've just lost your job, it may be impossible to get approved. By using this site, you agree to our Terms of Service . Your privacy is important to us.