Suze Orman

Why do you have such a high interest rate?

Does that mean that you have a really low credit score?

Because if you had a really great credit score, rather than have an 18% interest rate, you would have just done a balance transfer on a card that's paying 0% for like 21 months, and you absolutely could have had that paid off the entire time.

But no, you think you want to have a home equity line of credit.

Number two, if you don't have a good credit score, you're not going to get the 3.99%.

You're not going to get possibly the prime plus 0%.

It's all based on your credit score.

Number three, why do you have that credit card debt?

What did you spend that money on?

Because I'm telling you what's going to happen.

If you do this, you're going to go and get a home equity line of credit.

Okay.

Now you're going to have a credit card that has a lot of available credit on it.

And before you know it, do you know what you're going to do?

Max it out.

You're going to max it out again.

And then what are you going to do?

You're going to transfer it again over to your home equity line of credit.

Are you crazy?

You are not an exception to this rule.