Ok, I am writing this to try to put things into perspective.
Are you thinking about refinancing your home to pay-off some bills?
1 Credit - This is not your money. This is someone else's money that is willing to loan to you. The reason that they want to loan this to you is to make money from it.
2.In society today ,People use credit to buy groceries,gas, and things that they would not normally be able to afford. This isn't a good practice. Unless you pay it off at the end of the month and you do this for convenience.
3. Equity-This is not free money. Yes-it is your money and if you sell your home you are entitled to it. But if you take it out, you are going to have to pay for it to continue to live in the home. If you have over spent your limit, this is only a temporary fix. It will lower your monthly payment .But, you will pay for it for 15,20 to 30 yrs depending on how long your loan is.
I have customers that want to refinance and pay off their bills. Well there are two different things in that sentence, refinancing and paying off bills. You should refinance if you will save money by paying a lower interest rate. Also remember that there are closing costs associated with th refinance and it may cost you more to refinace than it would to continue to pay on the credit cards. The part about paying off your credit cards isn't true. You are not paying them off. You are only transferring them to a different line of credit so you will pay a lower interest rate.
I would never recommend for someone to refinance and pay a car off. The car will depreciate and you will still be paying for it for years to come.