 Where can you find those American Exprees Gift Card things? |
you no like those things that r like temporary credit cards you can use anywhere or w.e.
DONT BOTHER GIVIN ME S**** BOUT MI SPELLING I DONT CARE... |
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| Ive had a credit card for a few years now, and I pay off my credit card bills online. My in laws told me that if i want to avoid intrest charges I should pay off my credit card a week or two before ... |
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 Serious Credit Card Debt! What should I do? |
| I am a student with about 3 years left of school before I start making money and I have some serious credit card debt! I owe about $12,000 to Visa and about $7,000 to AMEX. Most of that money has ... |
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| As a young adult, I destroyed my credit and went bankrupt. Afterwards I have 1 credit fraud and cant prove it wrong without hiring another lawyer. I need the bottom line secret to cleaning my credit ... |
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| Can a debt be reported to the credit bureaus if I am making payments? |
| I have a $13500.00 debt that is owed for a rental car that was totaled in an accident. The rental car company wants their money for the car and I am willing to make payments, but they keep ... |
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| A few months back I got someone to be a cosigner for my new car, but my girlfriend and friends are high maintenance and I don’t have the extra money for the car’s monthly payments and I stopped ... |
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| i'm thinking about just using it to buy gas for my car than paying it in full when the bill comes would that be a good idea?... |
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 The credit crunch, who's to blame? |
| Anyone else think the Government created it to make Gordon Brown look like he's doing something useful to help people out ie dropping the VAT to 15% woo wee I save £2.50 everytime I spend £100,... |
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 Need to borrow some money, my credit rating is good, is it cheaper to use credit card or bank loan? |
| need to borrow some money, found a credit card that offers 0% interest for the first sixteen months. Or i could arrange a bank loan. What is the cheapest way of borrowing the money, i could pay back ... |
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| Hi, i have took my name of the elctoral role and was told that if the bank coulnd'nt find me, they couldn't do nothing?... |
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 U.K. or U.S.A? |
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Cynthia H | Should I take out a 2nd mortgage to pay for my credit card debt? |
My husband and I are in our late fifties. He is disabled and is on a set income. We only make enough money to pay a our bills. There is very little money left over for gas, groceries or everyday living. We owe 25,000 in credit card debt and have about 30,000 in equity in our house. |
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K.Y. in Arkansas
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If you took out the loan could you make the payment? If so I say yes its a good idea. Good luck! |
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Martin K
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You shouldn't take out a 2nd mortgage as you you are putting your home at risk. As you are currently struggling to repay your CC bills it is unlikely you will be able to repay a 2nd mortgage for any length of time. Getting a 2nd mortgage is a temporary solution. A more permanent solution may be to try and consolidate your CC bills with an unsecured personal loan at a lower interest rate but whatever you do trying to boost your income somehow will help now end. Or failing that try and use something like your car as equity - . Don't risk your home. |
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?
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Yes as long as you are not planning on moving anytime soon. I don't know where you live? If you get those credit cards off you, you'll be fine. |
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Luckys Charm
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my mom did the same thing. Pay off the accounts and put them cc's away. at least til x-mas |
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DaMan
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Depends, are you comfortable putting your house up as collateral for the credit card debt?
Do you like being homeless if something unusual happens and you can't pay the 2nd mortgage?
Remember, credit card debt is UNsecured debt. Why replace that with your house which is your primary place of residence.
Temporary fixes can lead to permanent tragedies.
Be very careful. |
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mkulda
 |
If you can get a better interest rate, you could save some monthly costs by doing it that way, but remember that you could be spreading out the payments over a much longer time period and what looks like smaller monthly payments may over time turn out to be a much larger payback in total dollars than if you had just paid off your cards over time.
If you are on a set income and can't afford your bills now, the very first thing you need to do is cut up all of your credit cards, so that you will not be tempted to spend any more.
From now on......only buy what you can afford to pay off with cash.
You are headed down the road to financial disaster if you don't get your spending under control.
But you can do this with careful planning.
If you do the consolidation route....I would not take out all of your home equity. Pay down most of your credit card debt, but keep that which you can make small payments on and still survive.
It would be good to keep some of your equity as an emergency because it sounds as if you probably don't have much set aside for retirement and your home equity may have to be it. |
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Studly
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Lost of good advice here. The Muse make a very good point on interest rates also.
All I can add is this: If you go this route you MUST change your spending habits. That means no more credit!
I have seen this mistake happen over and over. People get equity mortgages or consolidation loans, then pay off their credit cards. Then they turn around and start using their now-empty cards again. The next think they know, they have doubled their debt. The end up filing for bankruptcy.
Just don't fall for this trap. You are already too stretched out on finances, and now you are putting your house at risk.
Be carefull. |
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mlcmonkey
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Yes, Credit card debt is never ending. If you wipe it out with an equity loan you will have one payment that you can manage. Over time you can pay down the debt even quicker if you are able to. Please remember that the equity interest is tax deductible. Good Luck!
Side note: Once you wipe out credit card debt get rid of as many cards as you can and just keep a few. Best to use a checkcard or debit card from your bank account. |
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Scott C
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You need to change your thinking. According to your facts, you have been borrowing money to either live on or buy things you don't need.
This behavior has to stop or you'll be back in the same situation in the near future.
Borrowing money is NEVER the answer to getting out of debt.
Consider the following:
1) Can you earn additional money? Watch a couple of kids after school, sell stuff on ebay, etc.
2) Get on a written monthly budget. Take care of necessities first, then debt.
3) Can you sell your house and rent for awhile? If you sell your house, then you're debt free.
Scott.... |
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The Muse
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If you do, get an Equity Line and make sure that it is a FIXED RATE. Stay away from Adjustable Rate Mortgage's. There are places on the internet that will have banks compete for your mortgage and you can usually get a good rate from them. Ditech.com has helped a friend of mine, I used Countrywide and I am not too pleased with them. Good luck. |
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M
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Normally, I would say its a bad idea to borrow against the equity of your home to pay for debts. You are putting your home at risk. You are still young, and unless you have substantial health problems yourself, you should look into getting a part time job. The part time job is necessary in your situation, because it looks to me like neither of you have any retirement money saved up. I know there is Social Security, but thats no way to live, especially when old age sets in and you need medications and other things. Dont you want to live comfortably when you get older? Well, work for a couple of years and take half the money and save it, take the other half and pay those bills. |
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grace07
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becareful home equity line of credit have higher rates than a regular refinance sometimes you can pay 9 to even 15% because a second mortgage is a bigger risk to a bank. If you do a regular refinance it might be better but its hard to get more than 85% of the appraised value on a refi. if you go higher you have a high rate too. |
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