- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Consolidating credit card debt with mortgage
Posted on 6/20/13 at 10:38 am
Posted on 6/20/13 at 10:38 am
At lower interest rate than current mortgage. Pros and cons please?
4
Posted on 6/20/13 at 10:40 am to ACT
Can save you money, but you have to cut up those CC's. 
Posted on 6/20/13 at 10:40 am to ACT
Get a heloc, don't put it with the first mortgage.
Posted on 6/20/13 at 10:48 am to fishfighter
It's my gf and I already got her to cut them up 
She got a letter to consolidate at 2.774 when her current is 3.5 on the mortgage. Only downfall I could cone up with was maybe selling on the back end. I figured she may end up owing that difference if she sells.
She got a letter to consolidate at 2.774 when her current is 3.5 on the mortgage. Only downfall I could cone up with was maybe selling on the back end. I figured she may end up owing that difference if she sells.
Posted on 6/20/13 at 10:49 am to kevv824
quote:
Get a heloc
Go on..
Posted on 6/20/13 at 10:52 am to ACT
quote:
Go on..
Same as what you are being offer.
Posted on 6/20/13 at 10:54 am to fishfighter
Why is that better
Posted on 6/20/13 at 10:59 am to ACT
Google HELOC loans.
Posted on 6/20/13 at 10:59 am to kevv824
quote:
Get a heloc, don't put it with the first mortgage.
I am not trying to make a generalization about people or the OP, but usually when consolidating credit card debt a HELOC is a bad idea. That would give the person the ability to run up more revolving debt with an open ended line. It would be the same as having the credit cards, just a smaller interest rate.
Posted on 6/20/13 at 11:00 am to ACT
Although it's a good rate, I am not a big fan of financing "wants" that were bought with a credit card for 15 or 30 years. I would definitely plan on paying extra on the mortgage.
Posted on 6/20/13 at 11:13 am to tigerrocket
She's not very sound financially and in trying to educate her. It's 10 grand in CC debt and she's having a hard time justifying the interest with every little piece of junk mail that comes in
Posted on 6/20/13 at 11:28 am to ACT
a heloc is a home equity line of credit, get 10k line of credit pay off the credit card debt..most helocs have a 1yr intro rate around 1% then it goes to 4-6%. just make sure she caps the heloc at the amount of credit card debt. also helocs have no closing cost ..
Posted on 6/20/13 at 11:32 am to ACT
Dump her. Money is the number one cause of divorce
Posted on 6/20/13 at 11:40 am to I Love Bama
She has been made well aware of my disdain for debt. She has car, house, 10 in CC, 80 from school.
I'll have to look into the heloc and see if that's a suitable option for her
I'll have to look into the heloc and see if that's a suitable option for her
Posted on 6/20/13 at 11:48 am to ACT
You will definitely pay a lower rate, the main potential drawback is the (slightly) increased possibility of losing the house if you can't make the payments even though they will be lower than the current situation. OTOH, if you can make the mortgage but not the credit card bills you still get to keep the house.
Posted on 6/20/13 at 12:09 pm to foshizzle
You are trading short term debt for long.
However, if you put it on a mortgage, you should get a fixed low rate. The interest is tax deductible, and you can always pay more to reduce the term.
If you just pay the minimum payment on your cc, your CC debt will far exceed what is paid in mortgage debt. If you pay extra on the mortgage at a fixed rate, it will reduce quickly.
A mortgage is not an easy thing and you can still use a CC if you need it, that is why it is open-ended or revolving debt. Unless you get a HELOC, your can't borrow anymore.
That is basically all I can think of.
However, if you put it on a mortgage, you should get a fixed low rate. The interest is tax deductible, and you can always pay more to reduce the term.
If you just pay the minimum payment on your cc, your CC debt will far exceed what is paid in mortgage debt. If you pay extra on the mortgage at a fixed rate, it will reduce quickly.
A mortgage is not an easy thing and you can still use a CC if you need it, that is why it is open-ended or revolving debt. Unless you get a HELOC, your can't borrow anymore.
That is basically all I can think of.
Posted on 6/20/13 at 1:21 pm to tigerrocket
quote:
I am not a big fan of financing "wants" that were bought with a credit card for 15 or 30 years
Agree, unless she is planning on selling the home in the next few years.
Posted on 6/20/13 at 7:53 pm to SippyCup
Thanks for the info guys..I'll talk it over with her and look into heloc and other options
Posted on 6/20/13 at 8:31 pm to ACT
Get 0% cc and transfer all bal's on that. Keep playing that game till all payed off. frick a 2nd lien on your home for cc debt
Posted on 6/20/13 at 8:47 pm to PlazaDeBurbanko
How feasible is that game really
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News