Does it EVER make sense to do a Home Equity Loan for CC Debt Consolidation?

Answers:2   |   LastUpdateAt:2012-10-05 14:26:03  

Question
denver
Asked at 2012-09-12 02:39:03
Two creditors are telling me it will be the best thing I ever did for myself . I have three bad debts and a FICO of 551 . MedlinePlus MedlinePlus Why am I going to pay three times more in the interest of "making them disappear " and put my house up as collateral .... exchange for an unsecured debt to a secured huge ? Seems obvious .... MedlinePlus MedlinePlus Why do so many people do it ? Am I missing a key benefit ?
Answer1niravAnswered at 2012-09-20 09:23:03
I say it's the best because they are doing MedlinePlus money ! ! MedlinePlus MedlinePlus com creditinfocenter
Answer2BetamouAnswered at 2012-10-05 14:25:56
It makes no sense to me either . A lot of people do it to pay credit cards and car loans . MedlinePlus MedlinePlus Not only end up paying all that interest strung , but most tend to run credit cards and go back in two years and buy another car you can not afford . MedlinePlus MedlinePlus It's just another way to use to live above their means.
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