Daily Archives: 5:15 pm

What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

Tameeka asked: We’re in our 50′s, with a house that’s worth twice of what’s left to pay off on our mortgage. We were hoping to use the equity for our son’s college in a couple of years, or as a retirement cushion, but want to pay off some MAJOR credit card burdens. Any advice?