Using home equity loan to pay off consumer debt

[Anonymous]

I know that anything, but is it really an all cases? We seem to be drowning in credit card payments, and I wonder if this might be a better option?


http://www.getrichslowly.org/blog/2007/12/13/using-a-home-equity-loan-to-pay-off-credit-cards/

[Anonymous]

It is a horrible idea.

If you don't pay your mortgage because something horrible happens, you lose your home.


Cut your credit cards up RIGHT NOW. Pay them off in a sensible way over time.

[Anonymous]

Anonymous wrote:It is a horrible idea.

If you don't pay your mortgage because something horrible happens, you lose your home.


Cut your credit cards up RIGHT NOW. Pay them off in a sensible way over time.

THIS! Use the home equity loan ONLY if you KNOW you will pay it off. If you declare bankruptcy over credit card debt, you can still keep your home.

[Anonymous]

Stop spending on useless stuff. Grow up!