Borrowing your way out of debt – another fatal financial misconception

Exchanging one form of debt for another is a fatal financial decision.  You cannot borrow your way out of debt, period.

I just heard another commercial from an area mortgage lender encouraging home owners to refinance their homes and take out equity to payoff credit card debt.  Sounds like a great idea right?  Get rid of credit card debt?  No brainer.  Not so fast.  First, you better be sure risking your home for a Visa card bill is for the right reasons.Read More »