Just wondering is that wise to transfer our home equity loan 8.5 apr to credit card 3.9 till the balance is paid in full. Our cars are paid in full. Tuition debt has been paid off.So no credit card debt. Since we focused more on paying off our debts so when we purchased our house we just paid 5% down.Now we are thinking about transfering our home equity jumbo loan which is 15% to our credit cards but kind of confused.Need suggestions please.

It's risky and yet not so at the same time.

Con:
What if you miss a credti card payment, or the check is lost in the mail, or it;s just one day late - The chance that your interest rate is jacked up into the 20% range is very possible.
Your interest rate could be jacked up for no reason at all - the bank could just decide to change it's terms - It's happening all the time, I hear stories daily online about this occuring.
What kind of a fee will you incur when you transfer this debt?


Pro:
You are turning a secured loan into an insecured loan. From having your house as collateral to having your "honor" as collateral
You could in fact save some money on interest



If it was me - I would just buckle down and pay it off ASAP instead of trying to save a few bucks, but I don't know how quickly you can realistically pay this off in. Us, we could cut the budget and be ultra focused and get rid of it in under a year.

Good luck in what ever your decision is