Is it good to take a line of credit?

A HELOC, or secured line of credit, may be a smart idea if you need money for a home renovation project, education expenditures, or other major expenses.

Although, borrowers who cannot afford to make significant additional repayments would be worse off if they were to refinance to a line of credit. This is because a line of credit usually offers a higher interest rate which would outweigh any savings made by combining your accounts.