What risks are you taking when you use home equity to pay off unsecured debt?
This episode breaks down why borrowing against your home—through a home equity line of credit (HELOC) or a home equity sharing program like HomeTap—often creates more danger than relief. It highlights the long-term financial consequences of turning unsecured debt into debt tied to your house. Listeners learn smarter, safer strategies to tackle debt without risking their biggest asset.
Topics Ben Matthews explores in this episode:
(00:39) Why using new loans to pay off debt often resets the problem instead of solving it.
(01:48) How HELOCs work.
(02:53) Why HELOCs may not be cheaper long-term, even with lower interest rates on paper.
(03:47) What home equity sharing programs like HomeTap really mean for your ability to sell or refinance.
(06:05) The legal differences between unsecured credit card debt and debt tied to your home.
(07:20) A safer alternative to refinancing: how the piledriver method builds savings and reduces debt strategically.
(12:52) Why bankruptcy can be a tool for protection—not punishment—and how it may preserve your home better than refinancing ever will.
Learn more: https://debtsucks.info
Talk with Ben Matthews: 803-799-1700
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The Debt Sucks Podcast is your fun, no-BS approach to debt relief. Say goodbye to stress, shame, and debt. Hosted by consumer bankruptcy attorney Ben Matthews, this is your weekly dose of real, relatable advice on crushing debt. If you’re dealing with mounting bills or sick of living paycheck to paycheck, we’re here to help you take control of your finances and find your way out.
This episode was produced by Story On Media: https://www.storyon.co/
