cash out refinance to clear high interest credit cards debt

[Gp G.]

I have mortgage about 80k with 15 year term ( so far paid about 4 years of 15 year term of original loan amount 120k) with interest rate of 2.85 %. I also have credit card debt of 80k with interest rate around 20%  as I have to spend lot of money on repairs over period of time.

Is it good idea to do cash out refinance and loose 2.85% mortgage interest rate and pay bunch of fees like closing costs, points (but I can clear of high interest credit card debt with cash out money ?) .

Or is it better to continue same way for 11 more years and try to clear credit card debt slowly parallelly as i keep saving couple of hundred dollars in cash flow a month and also pay from my other job salary?.

My credit score not good to take personal loans now.

I am making about 1500$ on rent in this 34 year old rental property. 

Please advise

[Caleb Brown]

Doing a refi will not fix the issue. You should NOT run a credit card up with 80K of debt and not have anyway to pay it off quickly. Is the 80K all repairs for the house? Did you not have any reserve funds or money set aside for repairs? If you are having a rental property sure you can use credit cards for things but having the balance sit there and incur interest is bad, a credit card is meant to be paid off quickly to avoid interest fees. If you have enough equity I might sell to pay off the credit card and then retry with a better plan/preparation.