gregorygarver.com

dontknow86 · Joined: 14 Jan 2004 Posts: 5

We have a high balance on some high interest rate credit cards. We own our home...I am wondering if there is any tips or info on refinancing and including our credit card debt into the refinance or debt consolidation. I don't know much about it. How much is normal to be charged for these things? What is a good trustworhy business to go through? What are my options? Am I just going to get myself into deeper debt?

justme · Joined: 15 Jan 2005 Posts: 8

Yes, you're just going to get yourself in deeper debt. Unless you have like 50% equity in your home, you're nuts to do this. You can lose your house.What you need to do, is stop using credit cards, YESTERDAY. Period. No matter what. Take on a second job. Sell everything you outright own. And stop spending money you don't have.And start listening to Dave Ramsey on the radio - www.daveramsey.com

newjerseyguy3852 · Joined: 18 Jul 2004 Posts: 2

The only way you can keep out of high interest credit card debt is to shred the cards and live on cash. The other ways are taking money that you need to buy you time. The only way to get out of debt is to change your lifestyle.Check out Dave Ramsey's site.

stevem0986 · Joined: 21 Sep 2005 Posts: 6

If you have decent equity in your home, arrange an Equity Loan. Your bank can do it.The interest will be far less than damned credit cards.Pay them off, and tear up the cards.Annnndddd, interest on an equity loan may be deductible from your gross income and reduce your income tax.

beba_pr18 · Joined: 01 Sep 2006 Posts: 6

Refinancing is not a bad thing, so I can't say I agree on the above poster on that, however, it's not a good idea to always be spending money before you have saved it up. One thing she does have right is to sell some of the things you have payments on and get cheaper. Maybe get a smaller car, a smaller house, and be patient and build that money up.... and stop buying unneeded stuff!! Need more help, here's a trustworthy site:http://www.nfcc.org/

phatchick182004 · Joined: 12 Jan 2006 Posts: 5

Edward is right .A home equity loan will be at a much lower interest rate and you can write the interest off your taxes.This will be a delaying tactic unless you change your spending habits.Cut up the cards but don't close the accounts it can hurt your credit rating.When you do pay off your cards, they will up your limit, send you checks, etc.Your monthly payment on your equity loan will save you a lot of money, versus the finance charge on the cards.Find a debt consolidation company that is not-for-profit, many states regulate this business.God bless, and happy thanksgiving!

JP74 · Joined: 15 Feb 2006 Posts: 5

unless u start to live on todays paycheck not tomorrows , refinancing and debt CON-solidation will only dig ur hole deeper.visit daveramsey.com to learn ur hard lessons from others mistakes. it is cheaper.

LorenzoAE · Joined: 13 Jun 2006 Posts: 3

1. An equity loan is a good way to consolidate as the interest rate will be cheaper and there are tax benefits, however, this is only good if you can control your spending and not rack your credit cards back up again. 2. You can try to get side jobs or have garage sales, any extra money earned put towards the credit card with the highest interest until it is paid and then move to the next card. etc...3. Visit www.moneyclubs.com and join the 21-Day Debt Makeover. It is free to join and has a lot of great advise. Best Wishes,Colleen