refinance mortgage

NewHope33
Sun, 15 Apr 2012 09:29:41 +0000

dkitty - The “bitty picture” answer to this is that the interest rate on the HEL will be lower than your other loans, and that the interest payments will probably be deductible for tax return purposes. Yes, it is possible you’ll save a lot of $$$.

The “big picture” is more complicated. The reason many financial advisors argue against bill consolidation into an HEL is that the borrower may lack the discipline to not run up the credit card balances again. If the thought of a zero credit card balance gets you really excited about your next trip to the Mall, bill consolidation may leave you worse off financially.