Quote:
Originally Posted by ITGRIPS
. can work well for some people but as others have stated, the temptation to keep spending it is huge! mine never reduced! after a couple of years, more collaterall built up etc, i consolidated the two ( mortgage and LOC ) into one morgage amount. was a lot easier to manage. in a different position now but i personally wouldn't do an LOC again.
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The big mistake people make is that they think it is their money. Same as a credit card. It is NOT your money!
You were smart enough to realise you were never going to get rid of it and consolidate.
Brendon