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Would it be wise to refinance a home to pay off credit card debt?
Asked by
jsrblocker
6 months ago
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Lots of people did that durrning the mid 2000s. You risk losing your home if you can't keep up with the payments.
AppleRules 6 months ago
So, I guess the answer to that would be no. I think I could keep up with the payments as, I keep up with the credit card payments just fine. However, I was hoping by refinancing, it would make it easier for me. However, the thought of losing my home is not very desirable.
jsrblocker 6 months ago
Good conclusion, jrsblocker. There's also the fact that, while your mortgage has a lower interest rate than your credit cards, you end up paying over 30 years (or whatever). That could cost you in the long run -- and you get absolutely no long-term value out of it. OTOH, the high interest on your credit cards actually encourages you to pay them off faster.
Clairissa 5 months ago