Thinking about refinancing my house and using the positive equity to pay off some debt?

Buck
I would have around $30, 000 to use. I have many credit card and hospital bills, and would also like to pay off my truck. All that together totals to around $20, 000. Any suggestions?

Ruby
My suggestion is not to do it. Ever. Mathematically, it makes sense until you factor in risk. You also need to consider the consequences should you continue the debt producing behavior. You are putting up security (your home) for a non-secured loan (credit cards). Find a reputable financial counselor who does not work for a bank, and insurance company, or a debt consolidation firm to help you out.

Dominick
~~You put your home at risk if anything happens, (injuries, death, illnesses, etc) if you aren't able to make the payments for any reason.I think it is much smarter to buckle down and pay them off without putting up your house. If a catastrophe struck there are options for getting out of unsecured debt. When it is secured by your home, then it is something which will be taken away from you should something happen. I can't ever see risking it.~~

Bertie
If you can find a lender that is willing to refinance and give you a cash-out on the equity... go for it.Pay off that debt and stay out of debt from now on.Good Luck.

Elisa
Cash-out refis are almost impossible to get these days. They went the way of those dinosaur "no-down" mortgages.