Our house is paid for and his parents think it is a bad idea to take out a loan for unsecured debt in trade for secured being the house. Though this would save us about $500 a month to be able to not have o put anything else on cards and just pay cash?? Good idea or bad and if so what type of loan should we get??
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
Its a good idea if you can stay disciplined.
But - use that $500/month savings to pay off the debt -- not to buy a vacation in Cancun or a new Harley-Davidson.
If you pay off the debt early (using your $500/Month to buy-down the principal) you%26#039;ll be out of debt soon. And, you%26#039;ll own you home again.
Then, you can get the Harley, or take that vacation.
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
You do always stand the chance of losing your home, because you never know what circumstances may come your way. If it is your only option, take out a little extra on your home loan and put back a hefty amount (a couple of months pay-checks). This will serve as your safety net in case someone loses a job or becomes injured.
If you can be patient and keep paying, consider paying off your lowest card first, while making only the minimum payments on the others. When that one is paid off, shift your focus to the next one. When enough of them are paid off, you could consider increasing a couple of credit limits and consolidating, and follow the same cycle. If you concentrate all of your extra unexpected income (such as bonuses, gifts, etc.), it may build up faster than you think.
Good luck!
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
Get a home equity loan and then you can not only reduce your interest costs on credit cards but also write off the new mortgage interest from your income tax (assuming that%26#039;s legal in your jurisdiction). If you shop around, you should be able to get around 5% fixed per annum and by the way, on your loan app, state %26quot;home improvement%26quot; as the purpose rather than %26quot;debt consolidation%26quot;.
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
You sound like prime candidates for a home equity loan. The amount loaned is based on the equity in the house and the interests rates are usually fairly low. If you go that way make sure you understand the early payoff penalties.
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
If you can control your spending and not get further into debt and your after tax rate on your mortgage is less than your credit card and medical debt loans, then do it. It will get you out of debt a lot faster.
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
The one and only principal to think about to get rich is: %26quot;Stop giving our Money to other people%26quot;. You can quote me on that.
Thus, if you can secure a refi loan at a low interest rate, say sub 7%, and pay off debts that are at 21% then you will be able to reduce your debt at a much faster rate than if you didn%26#039;t refi the house.
Now, I will caveat this by saying, CUT UP YOUR CREDIT CARDS FIRST. If you refi the house only to go out and run your cards back up then this exercise is a mute point.
Also, if your medical debts are interest free then I would not borrow money to pay them off. Because you don%26#039;t want to pay off a non-interest bearing debt with one that you will have to pay interest on.
Also, if you have any high interest automobile debt, Pay it Off as well. Becuase if you have loans on your cars, your Net Worth is getting hit twice. First by paying interest on the loan and your vehicle is declining in value. OUCH!!!
Now, go do what makes sense. Pay off your high interest accounts with a low interest mortgage. Don%26#039;t pay off debts at zero interest and NEVER BORROW MONEY FOR A CAR EVER AGAIN!
Save, save, save. Pay cash and don%26#039;t borrow any more money. What%26#039;s the montra: %26quot;To Become Wealthy the easiest method is to STOP GIVING YOUR MONEY TO OTHER PEOPLE!%26quot;
Good Luck.
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
A small loan consolidation with low interest is the best I found interesting information about your answer %26amp; options here. http://all-debt-consolidation-loan.blogs...
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
Don%26#039;t borrow against the house to paid off your credit card bill, you are putting an unsecured debt to a secured debt so you may have a chance of foreclosure should you get in trouble financially such as a layoff.
If I were you I look at you and your husbands spending habits. Since you don%26#039;t have a mortgage payment, you and your husband should have enough money to pay off your credit card bill every month. To own your home out right and have credit card debt doesn%26#039;t make sense. It sounds like that you and your husband are spending more then what you earn.
Review your spending habits, and don%26#039;t get a home loan to pay off your bills...
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
Here is a good option to check out. This company has plenty of free information for you. This company has been featured on national TV news casts (not infomercials) and published in several magazines such as Newsweek. This company is where people lend money to other people. Borrowers have up to three years to pay off their loans. The maximum loan that you could get is $25,000. Good Luck.
http://www.prosper.com/join/heyhobbs
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
Hi,
I used %26quot;Credit Solutions%26quot; to settle my debt.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shortlinks.co.uk/4cl
My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?
donut borrow form peter to pay paul -- downsize you life style and keep your hone yours -- just stop spending on un needed things and pay on the debt!!!
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