Comments on: Shall I get debt on my house to settle my credit cards? http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm Thu, 09 Sep 2010 07:14:26 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: J C http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm/comment-page-1#comment-5435 J C Mon, 08 Feb 2010 17:00:56 +0000 http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm#comment-5435 You're asking a question that will be tough for people on this forum to answer - a lot of details and time are needed to make such a decision. What you want to do is try to calculate how long it will take you to pay down your credit card debt if you continue as-is. Compare that to how long it will take you to pay down a home equity loan (in the amount of your credit card debt plus whatever fees will be associated with taking out the loan), making the same monthly payment. If I were you, I would create a spreadsheet that went out over the next 5 years under both scenarios to see which one worked most in my favor. Pay attention to interest rates and compounding rates. If Excel isn't your thing, see if a friend can help you. The likely pro's of keeping your credit card debt: credit card debt is unsecured, meaning they can't take your assets if you default. Also, it can be expensive to take out these loans (origination fees, etc). The likely con's: the HE loan is likely to have lower interest, and you can get a fixed rate. Also, sometimes this type of debt can look more "responsible" or less risky than credit card/revolving debt to those checking your credit report. good luck - it's a tough decision. You’re asking a question that will be tough for people on this forum to answer – a lot of details and time are needed to make such a decision. What you want to do is try to calculate how long it will take you to pay down your credit card debt if you continue as-is. Compare that to how long it will take you to pay down a home equity loan (in the amount of your credit card debt plus whatever fees will be associated with taking out the loan), making the same monthly payment.

If I were you, I would create a spreadsheet that went out over the next 5 years under both scenarios to see which one worked most in my favor. Pay attention to interest rates and compounding rates. If Excel isn’t your thing, see if a friend can help you.

The likely pro’s of keeping your credit card debt: credit card debt is unsecured, meaning they can’t take your assets if you default. Also, it can be expensive to take out these loans (origination fees, etc).

The likely con’s: the HE loan is likely to have lower interest, and you can get a fixed rate. Also, sometimes this type of debt can look more "responsible" or less risky than credit card/revolving debt to those checking your credit report.

good luck – it’s a tough decision.

]]> By: Really http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm/comment-page-1#comment-5436 Really Mon, 08 Feb 2010 17:00:56 +0000 http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm#comment-5436 NEVER gamble your house away. You cannot control spending and will only run up charges again. Instead cut expenses, get a second job and pay down your debt. NEVER gamble your house away. You cannot control spending and will only run up charges again.
Instead cut expenses, get a second job and pay down your debt.

]]> By: ladybug http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm/comment-page-1#comment-5437 ladybug Mon, 08 Feb 2010 17:00:56 +0000 http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm#comment-5437 Do not put your home at risk in this economy call consumer credit counsiling and see if they can get interest dropped on your credit cards and then pay lesser balance lesser monthly in his ecenomy and a president thay may very well tax out the middle class I say don't do it . Do not put your home at risk in this economy call consumer credit counsiling and see if they can get interest dropped on your credit cards and then pay lesser balance lesser monthly in his ecenomy and a president thay may very well tax out the middle class I say don’t do it .

]]> By: Rex http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm/comment-page-1#comment-5438 Rex Mon, 08 Feb 2010 17:00:56 +0000 http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm#comment-5438 the answer to question need many details first calculate the time that will take to pay down your credit debt and also compare the time that will take to pay down your home equity loan you may find some more information related to it here the answer to question need many details
first calculate the time that will take to pay down your credit debt and also compare the time that will take to pay down your home equity loan
you may find some more information related to it here

]]> By: Rose Smith http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm/comment-page-1#comment-5439 Rose Smith Mon, 08 Feb 2010 17:00:56 +0000 http://howtogobankrupt.org/shall-i-get-debt-on-my-house-to-settle-my-credit-cards.htm#comment-5439 Hello every one, My name is Mrs Rose Smith I live here in USA and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender,Mr Steve Davidson Of Davidson loan financial Incorporated, he was the savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 US dollars and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via stevedavidsonloan32@yahoo.com OR stevedavidsonloan@live.com because he is the most understanding and kind heated lender i am posting this message in yahoo answers every day in order to express my ever lasting gratitude to Mr Steve Davidson Hello every one,
My name is Mrs Rose Smith I live here in USA and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender,Mr Steve Davidson Of Davidson loan financial Incorporated, he was the savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 US dollars and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via stevedavidsonloan32@yahoo.com OR stevedavidsonloan@live.com

because he is the most understanding and kind heated lender

i am posting this message in yahoo answers every day in order to express my ever lasting gratitude to Mr Steve Davidson

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