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Can I use credit card to repay HELOC and then consolidate the CC debt?

Submitted by Cathyrose on Wed, 02/27/2019 - 23:46

I have a query. Can I use my credit card to repay my HELOC. and then can I use any consolidation method to pay back the credit card. Is this possible?

How much do you owe on HELOC? If you ask me, it's a terrible idea. If you owe a huge amount on HELOC, then can you imagine how much debt you'll incur on your credit cards? The interest rate on a credit card is huge. So your debt amount will be gigantic. Consider refinancing your HELOC.

Submitted by David Martin on Thu, 02/28/2019 - 21:22

David Martin

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Absolutely not, it's a bad idea. You jsut can not use your credit card to pay for the HELOC. The interest rate of a credit card is too high, and so as the amount of HELOC.
Refinancing is a better idea, go for it.

Submitted by Barbara Delinsky on Fri, 03/01/2019 - 04:02

Barbara Delinsky

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