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Pope Ben, it is a trade off but here's the thing
If you are paying credit cards something in the range of 15% interest and you can get a home equity loan at 8%, that's going to save you quite a bit of money as long as you don't charge the cards back up.
The object of the game is to not owe anyone anything and to do that as quickly as possible. Cutting your interest in half can be a great step in that direction.
posted by
SuccessWarrior
on December 11, 2006 at 1:02 PM
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Success, you talked about all the pressure (most all of which is generated by advertising by the banks, in my experience) to use the equity in one's home to pay off credit card debt. Isn't that robbing Peter to pay Paul? After all, all that pressure implies that we should run out and get a home-equity loan, meaning that we owe the banks a ton of money still. In other words, according to all the pressure, the further implication is that if you don't owe the banks your credit-card balances, you owe the banks that huge balance in home-equity debt.
And if you believe it, you also believe that I'm the Pope. 
posted by
kidnykid
on December 11, 2006 at 12:28 PM
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Talion, we used to get those offers
until we told them to stop sending them to us. I figure we are doing our part to save the forests by getting them to stop sending us 2 - 4 credit card offers a day.
posted by
SuccessWarrior
on December 11, 2006 at 11:31 AM
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SuccessWarrior
I erased all my credit card debt a couple years ago. It was the smartest thing I've ever done. Now, when I want/need something, I use cash or a debit card. If I can't afford it, I wait until I can. Tons of special offers come addressed to me in the mail, almost as many as the offers to refinance our home. I tear them up into little pieces and throw them away.
posted by
Talion
on December 11, 2006 at 10:37 AM
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Thanks OTA. I agree. I paid off mine a couple years ago
And I can't see any reason that I will ever use one again.
posted by
SuccessWarrior
on December 11, 2006 at 10:28 AM
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Credit Cards
are the devils tools!!
I have gotten into more than my share of problems because of them. My own fault, I know...but I have only one and am trying very hard to rid myself of the balance there. Still reading ya Success!
posted by
Blue_feathers
on December 11, 2006 at 9:45 AM
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