I think you made a very good point, but this option is only for those who are financially mature, very responsible with money and know how to handle debts. You should also have a decent equity in your home, such that when you take the HELOC you still have at least 20% equity left in your home. If you are in a high tax bracket and can get a low interest rate HELOC, this become a very sexy trick to minimize the overall amount you spend on finance charges throughout the course of the loan.
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