tapping in to my equity to pay off high interest loans

[Rafael Abdalla]

Hi,

i own 590k on my primary residency and its worth bout 1.5mil. Mortgage is $2500 per month, and we take home after taxes 11k per month. credit score around 750 fico

I have about 250k in debt that its keeping me up at night... credit cars, car loans, lending club personal loans etc.. 

would it be wise to tap in my home equity? HELOC or cashout refinance? very very newbie and scared.

i have a wife and 4 kids im not selling the home 

[Ryan Kelly]

@Rafael Abdalla don’t turn unsecured debt into secured debt. Your home is an asset and those consumer debts are liabilities. Don’t move that debt onto your asset. If for any reason you ran into financial difficulty and couldn’t pay the higher mortgage, you would lose your home. Instead, just focus on tackling the smallest balance debt and eliminate it. Then move on to the next until you pay them all off. If you need more money, drive for Uber, deliver pizzas, sell some stuff, etc. You can do this.