• Home equity lines are like credit cards cutting into your home investment.scissors and credit card cut in two image by Warren Millar from Fotolia.com
  
  

Pay it Off Sooner

• Yes, send in more money each month to pay off or pay down your home equity line. An equity line is more like a credit card than a loan, says MSN Money. You can borrow up to a certain limit. Paying the debt frees up credit you may need later.
  
  

No Need to Worry

• No, don't send in extra money to pay off an equity line; the interest you're paying is likely less than that of credit cards. MSN Money says equity line variable interest rates, tied to the prime rate, are generally below the 20-plus percent rates common to credit cards. Use the extra money to pay off high-interest debt.
  
  

Bottom Line

• "You should try to keep a cushion of at least 20 percent equity in your home," suggests MSN Money. If your primary mortgage and equity line of credit balance exceeds 80 percent of your home's value, pay more money to lower the equity line. This will keep your home investment safer and free up funds for emergencies.