HELOCs good or bad? It all depends on how you use them, my friend. Used well, they can be great. Used badly and they can be a disaster. Finner explained it well. They generally cost about $500 to set up (legal and appraisal fees). At least that's what is was for mine many years ago. If your financial problems are due to overspending, I'd also deal with that problem as it can kill you. Good luck.
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