This is a great article about refinancing to pay off your debts. It is not that it’s a bad idea to pay off credit cards if your interest rates are high. The problem is that once they are paid off the credit cards are still open and the temptation to use them is still there.
“Why do you have this debt? “If you’re spending more than you can afford, consolidating your debt will not improve your spending habits and will likely be harmful in the long run,” says Huettner.