We owe ~60k on two cars and total payment is about 1400 per month. Equity in home is ~700k (owe 480k on house – no other debt). In a cash flow squeeze as wife was forced to stop work ~1.5 years ago. We’ve cut back a ton on discretionary spending but are basically treading water and we’ve burned through all cash savings. We’re looking to potentially move to a cheaper area but that will come with a significantly higher interest rate which offsets a lot of the savings (may do it anyway, not sure).
Is it dumb to access ~60k in home equity on a 10-15 year period to pay off debt and free up ~8-900 per month?
Have a solid 401k but prefer not to touch that.
