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Updated about 2 years ago,
HELOC Recommendations to Consolidate Credit Card Debt
Hey there, Bigger Pockets family!
I'm currently a bit stressed because I'm facing higher credit card debt than I've ever had after remodeling our house and paying for our wedding (I know, I know, financing this is a rookie mistake). It's time for solutions. I've scolded myself about it plenty already.
I'm in about $70k between different cards. My mortgage balance is just under $290k and the house is currently worth between $450-500k easily. Because of the current credit card utilization percentage, my FICO score dropped from above 800 to a 660.
Would a HELOC be an advisable option to consolidate that credit card debt? If so, what are your lender recommendations?
Thanks in advance for your feedback!