New Cylinder Head or Helicoil???

I need help! One of the spark plugs on my 2000 GT backed out. The Threading was stripped when it came out and now I can't get another plug in. A friend told me about this thing called a "Helicoil". He was kinda sketchy on the details but I got the gist of it. Has anyone tried this? Will the shavings mess up the engine? Is this a temporary fix or will it last for a while? Will I lose any power? Money is an issue and I would like to save money if possible, but not at the expense of ruining the engine.

san~man said:

You can do either, but instead of helicoil you should do the timesert method. Do a search and you'll find the kit.

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Thanks for the tip, the timesert method looks like a pretty good alternative at the moment!