Problems with bank of america credit card

[nemelek]

Originally Posted by Shroomster

never a good idea to put a car into a house refi...NEVER

not being condescending.

My step daughter refinanced and paid her cars off. Then she traded the cars for newer cars and leased them. I tried to explain that she now will be paying for a car for 30 years that she no longer owns. Her only chance out of the financial hole that she is digging is hope for an inheirtance.

In 2000 we took out a second against the house and used that to buy a Dodge diesel truck and new trailer. That was when you could easily use the interest as a tax deduction. The interest against the house was also lower than car loans at that time. We paid everything off in 3 years. In general it is not a good idea, but sometimes it works.