Refinancing Credit Card Debt v Bankruptcy

This will be quick.  Check the total amount you will be repaying through the refinancing, which is not only the interest rate (likely lower than the credit card rate you are paying off through the refinancing).  Interest is only one factor to consider.  The total years of the refinancing is where the big bucks will be calculated from - the big bucks that will likely shock you.

This is money that otherwise would go to retirement, to children’s college, or to ordinary future living expenses.  Yes, you incurred the debts and should pay them.  But these credit card issuers borrow from our Federal Reserve at 3% and lend it to you at 25%.  That’s profit at knee-breaking levels.

A refinance to pay credit cards means you are betting your home that (1) your spending habits will change, and (2) your income will not change - through illness, accident, downsizing, or the like.  You may lose your home if you bet wrong.