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harry2015

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Will paying off credit card balances with a home equity line of credit help or hurt my credit score?

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Top Contributor
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While it may save you some money on interest rates, it sounds like a bad idea. All you are doing is transfering debt from one place to another and you are putting your home at risk in the process. Focus on paying off the cards directly, not shifting debt around. If something would happen and you could not make any payments, worst thing that can happen is they close your credit cards and give you charge offs (hurt your credit) and of course a slight potential of them suing, but if something happens and you can't pay your home equity line of credit, good bye home.

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