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can you do. i had no knowledge of this and now they are taking me to collections.
Additional Details
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Black Aliss | Is it a good idea to take out a small home equity loan to pay off credit cards? |
10000$ to consolidate 7000 in debt, the going interest rate is 7.5 % we are currently paying between 13%-23% on the cards
Additional Details
the remaining three thousand will go torward minor home improvements & maintanenece (new paint, gardening supplies etc) We are currently living on one income, i will return to work when my toddler goes to school in 2 yrs. My minimum payments on three cards all tolled is 250$ per month while the home equity loan is 65$ per month & that is principle & interest |
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Some Chick
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It depends on your personal financial situation and your fico socre. Is your income high enough to make payments on your mortgage and the HELOC? If so, will you be saving yourself more money per month compared to if you would just pay your credit cards? Overall, HELOC's are very valuable tools to help consolidate debt and make home improvements... and you don't have to use all the money you qualify for at one time- it can be used as needed throughout the life of the loan. Before making any decisions, have your credit and income reviewed by a mortgage broker/specialist to make sure you qualify and that you won't be getting in over your head. |
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yankee01
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This is Ok depending on how much equity there is in the house. (Balance owed versus what it is worth) Pay off the cards and destroy all but one for use in emergencies only. The interest on the home equity loans are generally tax deductable where credit card interest is not. Good Luck. |
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brj
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No. You risk losing your house. Take the smallest amount owed credit card and pay that off first by making minimum on the other cards. Once you get that paid off you will see that it is possible and then just due that with the next card and the next till they are paid. But, once you get one paid off, don't use it again. |
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little_chipmunk
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If it's at all possible to avoid taking out any type of loan on your home, don't do it. Once you start borrowing against the equity of your home you'll just keep trying to find the 'easy way out' to solve your financial problems and build up more debt...it's so easy to let it get out of hand. Take it from someone that's been there and has finally worked their way out of debt. |
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homeschoolmom
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Before you do this, cut up the credit cards, or you'll wind up back in the same spot only WITHOUT the safety net of the home equity loan.
You didn't say what you planned to do with the other $3000 ($10,000 HEL - $7000 credit card debt = $3000). I hope you aren't going to use this $3000 as an emergency fund. It would be better to take just the amount you need to pay off the credit cards (after you have cut them up) and then start making 'payments' to a savings account for emergencies because you won't get 7.5% return on a savings account.
An even better solution (if you mortgage rate isn't much lower than the 7.5%) would be to refinance and take out cash. This way, you have only ONE mortgage payment (instead of two) and will have money available to set aside for the emergency fund so you won't have to use the credit cards WHEN emergencies happen (and you KNOW they will).
Either way, the interest SHOULD be tax-deductible (as opposed to the interest on the credit cards, which is not).
The key here is to stop spending money you don't have by using credit cards. EVERYTHING you buy on a credit card costs more than paying cash when you include the interest and fees. Put money in a savings account for emergencies and money in ANOTHER account for that new computer, or big screen TV or newer (NEVER new) car. |
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Answerer
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I don't feel that'd be necessary. Focus on one card, maximizing payments on it while making minimal payments on other cards you may have debt on. After the debt is gone, Do it to the next card you have debt upon PLUS the balance that used to go to the card you just paid off. Do this with all your cards. It's just a snowball effect in your favour until you're free and clear. Good luck. |
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lahtidah
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An alternative is that you pay the smallest credit card off first, then the second largest amount, and so on.
Check out Dave Ramsey's Snowball Plan http://www.daveramsey.com/etc/cms/index.cfm?intContentID=4055 |
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karentanaka
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It could be worth doing, but only if you don't build up the balances on the cards again.
Pay off the cards, destroy all but one, and only use it if you can pay it off immediately. |
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elon3201
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Would you rather pay 7.5% or 23%?
Home equity loans can usually give you a longer term and lower rate. Use the equity in your home. It is your greatest asset. |
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dittmer007
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I wouldn't risk your house for that small a difference. Pay off the high card first, then work your way down. Focus on only one card at a time. |
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