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Updated about 2 years ago,

User Stats

5
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0
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Jose Mena Diaz
  • New to Real Estate
  • Miami
0
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5
Posts

HELOC Recommendations to Consolidate Credit Card Debt

Jose Mena Diaz
  • New to Real Estate
  • Miami
Posted

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! 

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