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Message
re: Consolidating credit card debt with mortgage
Posted on 6/22/13 at 11:38 am to ACT
Posted on 6/22/13 at 11:38 am to ACT
Extremely. If you are able to get a limit big enough to consolidate all the cc's. Typically company's will give 6mo - 18mo. Figure out how much u need to send to pay it off within the 0% period
0
Posted on 6/22/13 at 12:47 pm to ACT
quote:
She has been made well aware of my disdain for debt. She has car, house, 10 in CC, 80 from school.
Before she commits to anything, I would make her complete Ramsey's Financial Peace University, or at least read Total Money Makeover.
I wish I had 20 years ago...
Posted on 6/22/13 at 2:30 pm to Ace Midnight
Are these easily available via Google?
Posted on 6/22/13 at 5:40 pm to ACT
The vast majority of people who do something like this, within one year will run credit cards up again and then have the heloc plus the new cc debt. $90,000 worth of non secured debt is not good, I would advise to pay off all cc debt, then make a big chunk of the student loan debt before doing anything else
Posted on 6/23/13 at 9:01 am to Ace Midnight
quote:
I would make her complete Ramsey's Financial Peace University.
Agreed. She is the target audience for these classes. Find a class.
Posted on 6/23/13 at 11:03 am to Tigerpaw123
quote:
within one year will run credit cards up again
This is why I strongly advised her to cut them up. I worry about her spending habits and it honestly concerns me moving forward in the relationship.
Posted on 6/23/13 at 11:39 am to ACT
I wish you luck, but honestly it sounds like she is the kind of person that even if she cuts them up will not be able to resist the next offer that comes along , will sign up for the store charge because they give her 10% off her current purchase, or the 0% interest offer that comes in the mail. Sounds like she needs a new way of thinking more than a new way to consolidate, as mentioned earlier look into Dave Ramsey's products
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