cash out refi loan

I am by no means one of the so called money gurus, but would not think cashing in on the equity of your home would be a good idea, espically with the current housing market and economic situation. Say you do this now and pay off some other debt (that 9 times out of 10 is simply accumulated again)then the current trend of dwindling home values continues and your home loses value, and for some unforeseen reason you need to sell your home and you owe more than it is worth, or at best you have no or little equity in it. Instead of going that route,make a sensible debt reduction plan to pay off your exsisting debt (hint you can not borrow yourself out of debt.....it takes 1 or perferably 2 of the following spend less ...make more) It looks like it is going to be a rough ride for all of us in the next few years start getting rready

I've know there are a lot of reasons not to, but that is just what I did. Took out $28,000 in equity and added 10 years to the loan. Paid off everything and kept my note about the same. Not for everyone but I plan on being the one in 10 who does not add more debt. Needed the safety of being able to pay in case of trouble.