In general, I don’t recommend it. If you use a home equity line of credit, or refinance your house to pull money out to pay off your debt, you’re taking a short term debt and making it a long-term debt. You are also taking unsecured debt and making it secured debt. Now, because the debt is secured, your home is at risk. If you can’t make the mortgage payment, you could lose your house.
You have also freed up your credit lines doing this. So, you then have a higher mortgage amount and are likely to rack up credit card debt once more.
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