Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

1. stop using the credit cards

2. sell stock and pay off debt.

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

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Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

Sell stock. live within your means. Transfer credit card debt to zero transfer interest. If you can live within those parameters, have a plan, an austerity program. Things will improve. You will be debt-free. Plan for retirement.

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

If you Sell stocks then if there is a gain you%26#039;ll need to factor in Capital Gains taxes then if you don%26#039;t have other savings you need to have a Minimum of 3-6 months set back for emergencies. Then if you have extra money after you sell the excess or if you have excess stocks start paying on the smallest debts in full to each 1 in full all you can. Then monthly start paying all you can after you pay your main bills %26quot;Rent-Mtg, Car Payments, Utilities,%26quot; then start on the smallest bill trying to pay all you can then after paying off the smallest move on to the next.

Home equity Could be a response however one will likely borrow more on the credit cards once you have them paid off and then Yesterday%26#039;s lunch will be on your Home equity loan and you%26#039;ll be paying for lunch over 30 years.

Bankruptcy is not the same as yesterday%26#039;s. A person can%26#039;t always get away from the debts like you use to. And Morally you got ones self into the debt but sometimes it was out of your control with medical and in those cases you can go to the hospital and work out payments or they do if you don%26#039;t have medical ins you can strike a deal with them.

Other help would be go to and listen to on the radio: daveramsey.com or Clark Howard.com Both give excellent financial life helping advice...

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

You can%26#039;t file bankruptcy if you own enough stock to cover your debts, silly. And you shouldn%26#039;t borrow money (equity loan) to pay off money you borrowed! (That didn%26#039;t REALLY seem like a smart move to you, did it?)

Sell your stocks. Hopefully it%26#039;s enough to pay off your credit card debt. Then cut up your credit cards, and adopt a lifestyle where you earn the money for stuff you want BEFORE you buy the stuff. Trust me, you will sleep better at night.

Smart people earn interest, dumb people pay it!

P.S. Scott is absolutely right....read a Dave Ramsey book.

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

This is one of those situations where you can%26#039;t answer without looking at the whole financial picture.

But for starters....

1) Selling stock means you get to pay a bundle in capital gains taxes. If these stocks are part of a 401k it%26#039;s even worse, because now you get to add a 10% penalty for withdrawal. Why on earth take a hit of as much as 35% just to pay off credit cards with 18-25% interest? So I gotta disagree with Thin Kaboudit (dumb people pay interest...) because he obviously didn%26#039;t factor in this info.....

2) Home equity loans will pay a far lower interest. I like this approach for you.....but it does come with major dangers. If you don%26#039;t get control of your spending habits, you will end up running up credit all over again, and soon be right back where you started. Over the past 5 years, many people did this very thing, and ended up filing.......

3) Bankruptcy. This will get you out of your #2 fix. But you have that stock issue. If it%26#039;s part of a 401k you may be safe (depending on your state%26#039;s laws governing exemptions for bankruptcy as retirement 401k%26#039;s. You may be able to protect your retirement funds, but you need to discuss this with an attorney. I have worked with people who were retired and had large annuities and they were exempted.....not sure about pre-retirements.

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

Yes it is possible to reduce credit card debt but you have cut down the unwanted use of credit card

http://smallbusinesscreditcardsinfo.com

Reduce credit card debt by 1. sell stock 2. home equity loan or 3. bankruptcy ??

well..if you sell stock, you don%26quot;t have to pay it back and its free and clear, but learn the lesson my friend. Home equity loan is just moving one debt to another, you have to payit back still....not a good idea.

Bankruptcy is never the answer...it follows you for years to come.

Sell the stock and chalk it up to lesson learned!!