Quote:
Originally Posted by DARISC
...In general it definitely doesn't make sense to use a CC to buy appreciating assets... .
|
I agree wholeheatedly. From my perspective it also makes EVEN less sense to use a CC to buy a non-appreciating asset
. CCs are the financial heroin of the masses..."here try some...it won't hurt ya...you'll like it"
. In theory, your advice of using a HELOC to pay off CC debt sounds good, but ONLY if those CCs are destroyed and never used again. Barring extenuating circumstances, someone who's "lived beyond their means" on CCs, probably should NOT use their HELOC as "financial methadone" in order to get off the "heroin" either and risk losing their house also. I'm with Jim all the way on this one...