Home Equity Loan to Pay Credit Card Debt
Over the last few months, due to some unforseen circumstances, my credit cards balances have managed to get very high relative to my income -- upwards of $20K. However, I am in process of buying a new home and I have been told that I could take a home equity loan once I close on the house for the amount of my debt at a rate of 6% to free up some cash on a monthly basis -- much needed with the baby on the way and the increase in monthly expenses.
Question: Would it make more sense to continue to open up 0% cards and transfering the balances from one to another for the next 4+ years or should knock it all out with one loan at a higher rate that I could spread over a 10yr period to reduce the payment?
Apparently, this is pretty common. Just lookin for some reaction/comments/experience. Thanks in advance!