Author Topic: get HELOC to consolidate debt?  (Read 923 times)

albireo13

  • Pencil Stache
  • ****
  • Posts: 501
  • Location: New England
get HELOC to consolidate debt?
« on: May 08, 2017, 06:12:51 AM »
I have been working on our non-mortgage debt ... mostly credit cards.  We have a few credit cards with ~$10K left on them, north of 8% rate.
I have been thinking of getting a HELOC, to consolidate this debt and others (furniture loan, etc).   
That plus, I think it would be a good idea moving forward into retirement to have a HELOC available for emergencies.
The interest is tax deductable, as is mortgage insurance so, this helps reduce the effective rate.

Is this a smart idea?     Do other folks maintain a HELOC as they move into retirement?

Thx,
Rob