Makes sense when you're paying off high interest loans with the HELOC as long as the interest rates are substantially lower on the HELOC than the bad debt loans
Just don't turn around and run up bad debts again once getting them paid off with the HELOC.
That's where too many people mess up. They roll all the bad debt into a HELOC and then go right back to running up credit cards and buying toys that they don't need
Last edited by TRnCO; 03/29/24.
