pay off cards or take heloc

[Jon Jonhson]

Hi ,

I was wondering what everyone would suggest in this situation;

I have 3 credit cards with significant debt

1- am ex with 14,823 at 20.99% =259/mo interest

2-am ex with 9,220 at 15.99%= 122.85/mo interest

3- visa with 6,900 at 15.99%= 91.94/mo interest

I attempted a flip that ended up becoming a rental and was left with much more debt then I expected. The interest alone is significant. I brought up the idea of getting a HELOC on the place to pay of said debt. The interest rate would be 7%. which would mean significantly less of my payment would go towards interest. Ive got 1,000 /month either way to pay toward this debt. Credit cards would mean approx total of 470$/month would go towards interest. Using a HELOC approx 180 would go towards interest. My CPA said I should not citing a lot of reasons that didn't make sense to me mainly he says I need to learn the lesson and I do not want to lose my equity in my place.

What are your thoughts? I see no downside to a HELOC. I feel I have an old school CPA who dosent get the idea of leverage.