No. of Recommendations: 0
I am going to go out on a limb and not join the pack. You HELOC interest is tax deductible and not due in full for an extended number of years. If you are late on a payment, there may be a late fee, but nothing like being subjugated to a default rate. Your credit cards, on the other hand, are consumer debt and carrying a balance can be a negative on your credit report; you are expected to carry a balance on a HELOC. Under no circumstances do I recommend borrowing money, say through a BT, to pay off debt.

Fuskie
Who negotiated a HELOC refi last January to shave a quarter point off rising rates without costing himself any money...
Print the post  

Announcements

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.