Should You Refinance Your Home to Pay Off Debt? Here's What To Consider

Key Takeaways Cash-out refinancing can lower your interest costs, but it turns unsecured debt into a loan backed by your house—miss payments, and you could face foreclosure. Credit scores tend to jump after a cash-out refi, though credit card balances often creep back up within a year. If you’ve ever looked at your credit card statement and then at your home’s equity, you’ve probably wondered if a refinance could help you pay off your credit card debt. That's what many homeowners are doing, accordin ...