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jjeyedoc | I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster? |
we pay about 1500/month toward 6 cards but only pay a little above minimum for each. some cards have 3.99% or less intro rates. getting conflicting answers from brokers and family. any suggestions?
Additional Details
we pay about 1500/month toward 6 cards but only pay a little above minimum for each. some cards have 3.99% or less intro rates. getting conflicting answers from brokers and family. amortization tables show payoffs within 4-5 yrs for either home loans or paying $1500/month to cc. any suggestions which is better option? home loan with bank fees but tax break or no tax break with cards but no other start up fees. |
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Studly
 |
Let me guess....
Over the past years you have been getting credit cards and rolling the balances over to them. Then you run up the other cards, get another card and roll over.....
Am I close?
Now you are looking at a home equity loan or a complete refinance.
I'm not preaching to you. I've heard this story over and over. Let me jump to the ending of this story.....you will be filing bankruptcy in another year.
I know this because in the past 5 years this very thing has happened to thousands of other people. I've seen it. I've tried to help many people out of this.
The only difference with you is your credit card rates are great! Assuming they all average about 9% as you say. Most people in your spot are paying over 20%.
In your case, I don't really think refinancing is going to benefit you that much. Contact a mortgage broker, or a company that does these loans like Countrywide. But I think you will find the numbers are not going to work.
Right now, your choice is either a 10 year drastic budget, paying off as much as this as you can. If you file bankruptcy I suspect you won't qualify for a chapter 7, so you will still be forced on to a serious budget....but only for 3-5 years. Your credit will be shot, but you will at least be out of debt.
I simply don't have enough details to comment further...good luck to you. |
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robbie
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Consolidation under the home loan will probably give the best rates.
Then you need to cut up all 6 cards.
You need a lifestyle change otherwise you will just get deeper in the hole. |
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mister ed
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the problem i have with people refinancing or using a home loan to solve their problem only makes the problem greater. . if it was me i would take the cards and line them up in order of interest rates. i would take it from the lowest to the highest and pay only the mim amount and on the highest rate i would pay the most i could afford. and as i paid them off i would cut them into little pieces and drink a glass of very very cheap wine to its death.
also for god's sake i hope you two are on a strict budget and are on a cash only basis until you dig your self out of this hole.
it is a shame but the next three question on yahoo will be from some one wanted to know how to increase their credit or to get more cards.
best of luck |
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stan c
 |
$60,000 is a lot of money. I would refinance everything into 1 account. Go 30 years fix rate open end. Open end means that you can pay down the mortgage anytime. Also get a amortization so you know exactly hom much you're paying each month. Make sure you cut up all your credit cards and close them. I would get 1 secured credit card just for emergencies. Best of luck. |
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grierGRIER h
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If you have found yourself overwhelmed by debt from your credit cards, you may be wondering how to eliminate credit card debt in your life. Believe it or not, you have a lot of company when it comes to worrying about how you are going to eliminate credit card debt. Many Americans are over their heads in debt. It is important that you take steps to get your debt under control before you end up in serious financial trouble.
Find a Way to Get Better Rates
One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.
Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.
Eliminate Debts One By One
If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster. Read more from: http://www.credit-card-gallery.com/article/195,4_Tips_on_How_to_Eliminate_Credit_Card_Debt |
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lenderjayne
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$60,000 is a substantial amount. There are several ways to look at this. Refinancing your first. It all depends what the interest rate is on your first if it would be worth it. Another option may be to put a second on your home and pay it off with that. This way you at least get a tax break because you may be able to write off the interest.
Now what's really important, is that the difference in what you will be saving you should apply it towards your mortgage payment each month. This way you will most likely pay the loan off in half the time. If you're comfortable paying it now then continue to pay off your mortgage. Even more important, toss the credit cards so you are not tempted to recharge them again.
I hope this helps.
CA lender |
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