I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faste

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?

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

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%26#039;m not preaching to you. I%26#039;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%26#039;ve seen it. I%26#039;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%26#039;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%26#039;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%26#039;t have enough details to comment further...good luck to you.

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

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.

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

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%26#039;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

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

$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%26#039;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.

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

$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%26#039;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%26#039;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

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

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

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Eliminate Debts One By One

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