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Jens 'n' Frens |
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If you wish to, you could read this MSN article on debt, but I just want to comment on her warning against moving credit card debt to a home equity loan. She may actually have a deeper point here, one I can broaden with abandon to "you can't rely on expert advice; advice that's good for experts may not be good for you." Most people who carry around a lot of credit card debt are exactly the people who will spend more if that debt is moved to somewhere else; it may be that they have to play different kinds of games to discipline themselves than is required of the kind of person who becomes a financial advisor for whom, if dropped into a situation in which she had a lot of high interest rate credit card debt, would be well served by reducing the interest rate by moving it to a home equity loan. Then again, she wouldn't be in that situation in the first place. |
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