Nonentitled wrote:
Whatever you debt-ridden people do, DON'T take out a mortgage on any property to pay off credit cards!

Credit cards = unsecured debt. You file bankruptcy, the credit companies are just SOL.

Mortgage = secured debt. The bank can repo the property in order to get their money back.

I have a lot of stupid friends.


Interesting theory. But the other way to look at it is:

Credit cards = 18% non-deductible interest

Mortgage = 5-6% deductible interest

I guess it depends on how likely it is you'll ever declare bankruptcy.