Pros and Cons - Posted by SusanL.–FL
Posted by SusanL.–FL on November 28, 2000 at 11:09:54:
When I was in my financial$ heyday (back in the mid-80’s), I borrowed against credit cards to do deals. It was quick and easy. Had three credit cards, each with $20K credit lines. I was my own bank and it was great!
The ‘down side’ of using credit cards is…suddenly NOT being able to pay them off (for whatever reason).
We NEVER know what kind of ‘hand’ life is about to ‘deal’ us…no matter HOW much we plan or how ‘in control’ we think we are of a situation.
As a matter of fact, I’m still digging out from under the ‘down side’ right now. (The ‘down side’ being: $470,000 in assorted debt!)
The same advice also holds true for borrowing the $equity out of a property. Unless you are darn sure you can make those payments each month on your equity credit line, proceeeeeeed with caution!
P.S. With a LOT of hard work (and perseverence), I am nearly back on my $feet again—and about ready to rock 'n roll!