The down side is that on that loan the rate is adjustable and it went from 6.75% to 8.5% in 2 months. I didn’t owe very much, but if you do the math you can see how such a jump can force someone into forclosure because that jump in interest rates really bumps up your debt. Apply for a reasonable line of credit, maybe $20,000 or so, that gives you an emergency cushion if you need it but not enough to get you into real trouble. You can’t borrow your way out of debt, you have to manage that money carefully because it’s really a 2nd mortgage on your house and it can leave you financially vulnerable if you don’t manage it well.

Having said all that, it’s been a valuable tool for me, it allows me to take care of some things around the house sooner rather than later. I charge it on my credit card (to get the airline miles) then pay off the credit card with the equity line of credit check book and then always pay more than the minimum balance due.

Good luck.