I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one.
I have tried to get a card with a better rate to transfer my balances to, but the issuers won't give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho.
Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too?
I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow.
If I am unable to get a lower rate, then I don't see a way to rid myself of the debt. any advice?
Apply for a Home Equity Loan so that you can manage your payments better. the interest will be income tax deductible. You'll breathe easier each month. get a fixed rate if you can.
However, be sure that you don't get back into this mess.
I called Citibank. They did the rest of the work. took about 30 days.
The only way I know is to get a job or 2 or 3 and work your *** off and don't let this happen again. No fun I know but you had your fun getting into debt in the first place.
A home equity loan will just put you farther in the hole. You can't get rid of debt with more debt.
Whatever you do,don't go with DebtFree! They will screw you around. Be Blessed! Monica
The key to having 'good' credit is to not use it very much... duh! if you demonstrate to your creditors that you can live within your income and pay them back on time, they will encourage you to go further into debt with them... just don't do it. They are very nice when you don't owe them much, but when you start to over-do it, or miss a payment, they turn into Guido the butcher, and they will send some guys around to help you find your checkbook, if you know what I mean. Don't play the game by their rules or they will crush you. Pay off all your credit card debt before you do anything else expensive, like take a vacation or buy an appliance. It would probably help if you destroyed your cards so you can't be tempted to use them again. Once you have a zero balance, call them up and tell them you want to cancel your account... then they will most likely offer you a better APR just to keep you on the hook. My credit score is currently hovering around 800 because I just let it accumulate and I DON"T EFFING USE IT EVER. $20 here or $30 there is all you need to use it for... don't ever let the balance get over 20 % of the max. And pay them on time... even if it is just the monthly minimum. if you are already in over your head there are non-profit organizations to help you. Try google and enter "Crippling Credit Card Debt" or something like that.
I think it's easier to pay off debt little bit at a time, if you were to set a side an amount (small percentage 5%-15) out of your monthly income. You should be able to pay off in a few years, if you can limit you usage.
I would go with the home equity loan.
Interest rate to high it is.
Crooks who charge this rate they are.
Bankruptcy best option it is.
It sounds like you own a home. the best thing to problary do is to refinace your home and include your debt with it. also try to pay more than your min. payment. Good Luck
A home equity line is an ideal way to consolidate your credit card debt while putting money in your pocket at the end of every month. It will provide a much lower interest rate, offer some tax benefits, and with $10,000 at 30%, definitely save you money every month.
Keep in mind that the home equity loan will spread your debt out over an extended period of time and the key to it being an effective tool to get rid of credit card debt is to remain disciplined in not developing additional credit card debt.
The are several companies that specialize in working with customers with less than perfect credit. Personally, I am a fan of Beneficial finance.
What is the best way to payoff my credit card debt?
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Same question about "government welfare": Is your mortgage income tax deduction "welfare"? I bet it's not, is it, because it saves you money.
I’m curious on the house payoff vs. country home – why not make regular mortgage payments now and save the extra mortgage cash for the country home? Particularly since you mentioned the option of a home equity loan on the current house to pay for the country home, wouldn’t diverting extra mortgage payments now get you into the country home sooner with roughly the same result?
Hmmmm. Well then. Where's the money coming from? Hmmmm. Oh, Obama has borrowed it. A sort of Home Equity Loan secured by American Taxpayers. But, as the writer says, there really aren't any taxpayers. Only recipients of government largesse.
its where you go when you get the letter from the bank cancelling the home equity loan that you have been living on to maintain a life style beyond your means and demanding payment in full in 30 days
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