Is it bad to refinance and borrow 95% of the equity in your home?

Question by mememe: Is it bad to refinance and borrow 95% of the equity in your home?
Right now our single family home is worth @$ 290,000.00. We have a debt amount of @40k in h. equity and credit cards. We owe on our current loan @ $ 240k. I've been debating refinancing from a 30 year 6.0% (our current loan rate) to a 30 year 5.00 percent. We could take out enough to pay a lot of our debt down and still have a lower monthly mortgage payement. My concern is that we'll be borrowing

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