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behs83 | A friend owes $12000 on her home, but she's $30000 in credit card debt.? |
Should she refinance her home to pay off the credit card debt? What other options does she have? |
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dana j
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She is probably paying outragous interest on the credit cards. If she can make the payments refinancing her house may give her lower interest, but she doesn't want to lose her house if she can't make the payments. She probably needs to talk to a financial advisor that knows all about her situation. It's hard to advise without knowing more. |
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jseah114
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If she has enough equity in her home, then she should refinance or take out a home equity loan and pay off the credit card debt. At least by refinancing, the interest will then be tax deductible. However, she needs to cancel those cards that she is paying off, or else she will end up in the same boat in a short time....except she won't be able to get more money out of her house to get herself clear again. |
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Kevin K
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Maybe, maybe not. That won't help the underlying problem of why she got into that much credit card debt in the first place. I would leave the mortgage alone, cut up all but one of the credit cards and find out why she feels the need to buy things (to make her happy?). |
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willy w
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mafia will lend her 50 grand at 20 percent for 1 year |
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Girliegirl
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I would never refinance my house for credit card debt. If for no other reason than, the credit card company can't take her house, no matter what. I would concentrate on getting the house paid before paying anything else. $30,000.00 is a lot of money. She should only refinance if she has learned her lesson and stops living beyond her means. Other wise she could be right back where she is now only with 3 times the debt on her house too. Then what will she do? She needs credit counseling services to help her learn to manage her money. |
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Alfretz T
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Owing $30000 in credit card debt indicates that she could not manage her finances properly. If I were her, I would cut her credit card into pieces first, then sell/refinance her home, depending on her current financial position and try to settle all her debt. |
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J.
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No she should sell her home and get an apartment. Use the money she gets from her home, if any since she owes, and pay off all her debt.
How would she get the money to refiance if she cant pay her 30k? or the 12k |
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the dream
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She should refinace the home but consider the OPTION to settled out the debt for less than owed thus paying off more cards for less money. She could take a course offered by a credit counselor but do not officially enroll in one of those programs. |
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ricks
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I cant believe that I am saying this, but, I think everyone is jumping the gun on your friend here. I am certainly a fan of stewardship of funds, but we need some more info about the situation. If she makes $250k/yr, $30k is not that much debt to hold in comparison. If she makes $50k, then there are some serious issues. Everyone is assuming (probably correctly, but lets give the benefit if doubt here) that she cant keep up with her obligations.
You never said that she cant pay her bills, but you do somewhat imply that she is in over her head just by the posting, but you also could just be curious.
It is kind of a toss-up with what to do depending on circumstances. If she would have any trouble paying off a refi (even though her payments will be much lower), then don't do it. She probably only has a few years left (depending on payments) to pay off the house & can focus on the cards after that. If she just wants to be rid of the cards & rates, she can refi to lower payments & take the tax break on top of it. |
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Gem
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It depends on what the house is worth.
If I were in her shoes there is no way I would leave this debt on credit cards. But after I re-financed to pay them off I would cancel all but one of them and then only use it for emergencies.
Because if she is living beyond her means and doesn't change her spending habits, she will end up owing $45,000 on her house AND have an additional $30,000 in credit card debt.
Good luck to her. |
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frenzee2000
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R E F I N A N C E.
Here's why:
With $30k on credit cards and $12k on the house,
Assuming 16% APR on the CC's (a low rate for CC's i might add) and 7% on the home loan (prolly a bit high), she will pay $4800 a year on the cards in interest alone, and $840 in interest on the house. Rolling the card balances to the home loan, at 7% still, a total of $42k would be owed on the refinanced home loan, and $2940 would disappear from your wallet/purse in interest. Compared to the $4800 paying off the cards, the refinance would save you $1860 a year, and either way, you will still owe the same amount of money.
Credit cards are a horrible way to purchase stuff. If credit cards are used, you must pay the balance off each month to avoid the high interest rates as much as possible. With a refinanced home loan, it's a lot more manageable.
And seriously, those credit cards need to be burned and tossed away. You only get one chance here, I'm tellin you (or her) |
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shark
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please pay off the credit card. |
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