Is it a good idea to refinance your home to consolidate debt? We have 60 thousand in equity and 15 thousand in credit card debts. We helped out an adult son the last 5 years. He is paying back $100 per month but this will take forever. I've been trying to pay 4 to 5 hundred every month but the extra is killing us.
Refinancing would lower that down to a managable $60 extra on our house payment (15 yrs) , plus I show if I pay an additonal $100 the home would be paid in 12 years. Currently we owe 11 years.
So would this be the best way to go or should we just suck it up and pay the 400 for the next 4 years? I'm working 2 extra part time jobs to pay this now.
What to do guys think I should do?
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