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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » I’m a home-owner with a huge credit card debt..?

I’m a home-owner with a huge credit card debt..?

i want to pay of my credit card bills and student loans…
should i refinance or get a home equity loan? what do you

suggest? i really don’t have any idea on what to do
pls give me some advices…

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5 Responses to "I’m a home-owner with a huge credit card debt..?"

  1. Spock (rhp) says:
    the first step is to control your spending. you have to stop digging the hole deeper before you can hope to get out of it.

    then you have to check your interest rates and possibilities. student loan interest rates may not be higher than those on a HELOC. And that’s if you can find a lender to make a HELOC at all in your area and the present housing market.

    GL

  2. pianofran says:
    The first thing you need to do is change your spending habits. It will do you no good to refinance and pay off your debts if you’re just going to go on spending and charging. You’ll end up in the same position with your credit cards and owe more on your home.

    That being said, whether you refinance or get a home equity loan depends on you and your circumstances. Everyone is different and what works for me may be totally wrong for you. If you refinance, you will have a steady monthly payment with the same interest rate. If you get a home equity loan, the interest will be variable, but you get the advantage of applying a reduced amount of money toward the principle if you’re having a bad month. That may be dangerous for you if you’re inclined to overspend in other areas.

  3. heybulldog says:
    Never ever get a home equity loan. If you put that money on your house and then for some reason can’t make the payments they will take your home.

    Get on a written budget.

    Go to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn’t cost a dime to listen.

  4. Helen says:
    You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit cardIf you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.

  5. wop p says:
    HELOC

    The home equity loans fall into two categories.The first type is a term or closed end loan and another is a typically a line of credit. Many people choose to describe them as a second mortgage as they are secured against your home just like your primary home loan. Usually these loans have repayment duration of 5-15 years.

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