The HEL APR is less than the original mortgage, much less than the CC debt, and the loan will be paid off at about the date that the original mortgage would have been. Still the loan papers were hard to sign, because it has been *so hard* to hang onto the house, and watching that principal amount go up again was emotionally difficult. But it pencils out, IF...IF I can stay off the CC merrygoround. Which is where you come in...Hello! Welcome to the Fool!!!What steps are you going to take to ensure that you don't start charging on the CC's again? HEL's can be dangerous, because you still have the same amount of debt but a bunch of cleared cards.Its probably advisable to either cut the cards up, or freeze them in a bowl of water so you can't use them!! You may also want to cancel the cards you don't need, and just keep 1 or two.Good luck on your debt-reduction journies!Snie
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