BobS
This device is actually a smart policy if he has his facts straight and has the will-power to pull it off (both questionable).
Consider: why not pay down your LOC by $60k for one year, borrowing the same amount for 0% interest from credit cards? Assuming he is avoiding, say, 7% interest on the LOC, that’s $4,200. He just has to have the gumption to pay off the $60k card debt in one year by tapping into his HELOC (assuming it hasn’t been unilaterally reduced by the bank). I really question his assertion that credit card companies are giving 1 year interest-free loans this way…they may be demonstrably stupid, but are not suicidal.
