Making matters worse, let’s not forget that banks are a bit nervous today and don’t want to take on too much risk. While they may allow you to open a home equity line of credit, they could just as easily decide to close it or reduce its value next year and your credit score could take a beating. (Losing access to credit lowers your credit score significantly.)
Friday, January 21, 2011
Credit Card Debt? Don’t Tap Your Home Equity to Pay it Off
Making matters worse, let’s not forget that banks are a bit nervous today and don’t want to take on too much risk. While they may allow you to open a home equity line of credit, they could just as easily decide to close it or reduce its value next year and your credit score could take a beating. (Losing access to credit lowers your credit score significantly.)
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