No. of Recommendations: 2
Of all the bulletin board posts very few mention using the home equity line of credit as a source of debt reduction. It is tax deductible and usually at single digit rates. I do not like the idea of jumping from card to card for teaser rates because time flies and before you know it or don't know it your rate has expired and your APR is 16%. Unless you are very organized you will wind up with just more double digit rate debt. Opt for the home equity line of credit if you qualify.

From someone who twice has transfered the CC debt to a HEL I do not recommen this unless a person has truly gotten control of his/her spending. This time I decided I was going to go ahead and pay off the CC's by snowballing them (since I still am paying the 2nd HEL from the last time I ran up my credit cards). For me even though I might be loosing out on interest I feel I am able to get my spending under control much better. Also I don't like the fact that I now owe more on the house than when I bought it.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.