We have closed all our credit cards (we had $35,000 on them for medical bills this year) with higher interest rates. My sister said this was a stupid thing to do because now we have a lien on our house. Who cares? We don't plan on moving, and we could sell our house for 2 times the amount of our first and second combined. Did we make a mistake?
Read more: Is it smart to pay off credit cards by getting a second mortgage at a much, much lower fixed rate?
