The big question is should you use a home equity loan or HELOC to consolidate debt or pay off high-interest credit cards. First ask, how did you get into credit card debt in the first place? If it was unforeseen health issues, the loss of a job or other events beyond your control, then using your home as your bank may have been warranted. You will most likely have the discipline to repay the loans. However, if you overextended your credit cards because of out-of-control credit card use, old habits die hard. You may lack the restraint to rein in your expenditures, and your home could be at risk.
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