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KittyCat
Happy Summer !
Member since 5/05 2241 total posts
Name:
Kathleen
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Financial / Credit card debt question... updated with another question
Thanks all for reading.
I have CC debt (6K) that I want to get rid of... I can increase my home equity line at a good interest rate , however, they are offering $20K (for good interest) over what I have now on it. Should I take that, and not use it all or just take out a personal loan.
I think home equity is the best, I just don't want soo much money out with my name on it ....lol
I could pay off alot more with that increase too, but since it is a larger amount it will take longer to pay off, which comes to paying more long run?
sorry, If this is confusing
Message edited 11/3/2010 2:47:49 PM.
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Posted 11/3/10 2:26 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Financial / Credit card debt question...
I would never use my house- secured debt
for credit card debt- unsecured debt
$6k is not a huge amount in the grand scheme of debt
I would come up with a payment plan like a debt snowball and you should be able to knock that out very quickly with out using your home
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| Posted 11/3/10 2:30 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Financial / Credit card debt question...
try to find a 0% balance transfer offer (just make sure to see how much the xfer fee is).
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| Posted 11/3/10 2:31 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Financial / Credit card debt question...
I am totally confused.
I would not take out a loan or home equity to pay off 6k. I would try paying it off on my own. That's just me though.
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| Posted 11/3/10 2:32 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Financial / Credit card debt question...
You never borrow against secured funds to pay off unsecured funds.
General rule of thumb. Find better ways to pay down the 6k. Look for a low interest balance transfer offer.
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| Posted 11/3/10 2:39 PM |
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StaceyWill
It's a girl!!!
Member since 6/10 21536 total posts
Name:
Stacey
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Re: Financial / Credit card debt question...
Posted by Beth
I would never use my house- secured debt
for credit card debt- unsecured debt
$6k is not a huge amount in the grand scheme of debt
I would come up with a payment plan like a debt snowball and you should be able to knock that out very quickly with out using your home
ITA
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| Posted 11/3/10 2:44 PM |
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KittyCat
Happy Summer !
Member since 5/05 2241 total posts
Name:
Kathleen
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Re: Financial / Credit card debt question...
Thanks all, I thought is was good to consolidate? I have an auto loan of $5K I was going to use the home equity (if we go that way) to pay that off too - then have that one monthly bill instead of 2.
eta - we already have a home equity loan - we would just increase the line.
Message edited 11/3/2010 2:47:31 PM.
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| Posted 11/3/10 2:47 PM |
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