Quote:
Originally Posted by daepp
Never borrow on your home to pay of cr. card debt - regardless of lower rates or income tax deductibililty.
Studies have shown that unless you got through the pain of paying off credit cards to zero, that if you borrow on your home to pay them off, a debtor will be back to the same level of c.c. debt within 12 months.....
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I've changed my mind on this one and concur. I've never had CC debt, etc. and was just thinking "hypothetically", but have no doubt that the above is probably true. "Borrowing in order to make money" makes it pretty simple...