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I have been working at home and watching episodes of Suzy Orman today and Suzy had a guest on who refinanced her home to pay off unsecured debt. Suzy just had to come back and say this is BAD and DON'T DO IT!!!
Some of you know that I did exactly the same thing in 2008 and it was the WRONG move. If you are thinking about doing this...think again!!! It's not the best or right move. I wish I would have seen this episode 3 years ago before I refinanced my home.
Lesson: Do not turn unsecured debt into secured debt.
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2 comments:
Well, Orman over simplifies things. Even if debt is unsecured a creditor can still go after your home/assets.
I don't think creditors can come after your house. At least not here in Texas. That is her reason for saying what she says.
I don't think Suze oversimplifies things anymore than Dave Ramsey. I like both of them for different reasons. I watch Suze every Sat. and just enjoy the show and how over the top she can be!
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