Talk:HELOC
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Helocs Are specifically designed for self employed borrowers who plan on using them, and paying them off monthly. If you are looking to pay off credit card debt or other high interest personal loans DO NOT LOOK INTO A HELOC. This is not what they're designed to do. You'll find yourself in the exact same position as you were before taking this loan. In debt and unable to pay off your balance. Banks slyly pitch these loans to unsuspecting borrowers on the premise that they're a low cost alternative to refinancing. Although these loans have low closing costs, you'll find that you'll pay 10's of thousands of dollars over a period of 3-4 years only to realize that your balance hasn't moved a dime. So although they cost you very little up front, they cost you a ton in the long run.
