- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- 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
$12,000 credit card debt....
Posted on 4/6/10 at 3:26 pm
Posted on 4/6/10 at 3:26 pm
What's my best option to pay this off ASAP?
I own a home and have $50,000.00 in equity.
HELOC or just a regular Home equity loan for the amount I owe to pay off the credit cards?
Any advice?
Thanks in advance.
I own a home and have $50,000.00 in equity.
HELOC or just a regular Home equity loan for the amount I owe to pay off the credit cards?
Any advice?
Thanks in advance.
6
Posted on 4/6/10 at 3:33 pm to Omega
Why go into more debt to pay off debt 
Posted on 4/6/10 at 3:34 pm to Omega
Live on less than you make and throw all surplus at the debt.
You can't borrow your way our of debt.
You can't borrow your way our of debt.
Posted on 4/6/10 at 3:37 pm to Omega
If you qualify for the lowest rates shoot for a fixed rate loan and not be in too big a hurry to pay that off since rates are so low. A HELOC is a pretty good second option though, the only drawback is the variable rate but it isn't that big a drawback for only 12K.
Either one will beat the hell out of credit card rates.
Either one will beat the hell out of credit card rates.
Posted on 4/6/10 at 3:39 pm to Omega
I can't believe the credit card debt that some people have. My ex-gf had about $25,000. I was discussing this with a friend a few weeks ago and he admitted that he had $20,000. I feel fortunate to only have about $1300.
Posted on 4/6/10 at 3:39 pm to doublecutter
I know someone with $190k worth of credit card debt.
Posted on 4/6/10 at 3:40 pm to Cash
quote:
I know someone with $190k worth of credit card debt.
how the frick does that happen?
Posted on 4/6/10 at 3:41 pm to Boh
Never underestimate stupidity.
Posted on 4/6/10 at 3:54 pm to Cash
(no message)
This post was edited on 2/5/25 at 5:21 am
Posted on 4/6/10 at 4:07 pm to Omega
Pay it like you would a car loan. The only difference is how the interest is calculated. Just use an interest calculator and figure out what it would take to pay if off in say 5 years. Make that payment religously until its done. DO NOT EVER skimp and pay the minimal.
Posted on 4/6/10 at 4:10 pm to Cash
quote:I know a country with almost 13 trillion dollars in credit card debt.....
I know someone with $190k worth of credit card debt.
Posted on 4/6/10 at 4:15 pm to Cash
quote:
$190k worth of credit card debt
WTF???
Did he go buy a Bentley and just throw down the Visa?
Posted on 4/6/10 at 4:22 pm to poule deau
My advice is to first freeze the card in a block of ice in the freezer. Then 2nd do not I repeat do not put credit card debt on your house. Maybe try to find a 0% balance transfer deal and pay as much down as possible. You might have to give up some things you don't want but like Bobby Boucheas(sp) momma would say. CC debt is the devil.
Posted on 4/6/10 at 4:23 pm to foshizzle
quote:
If you qualify for the lowest rates shoot for a fixed rate loan and not be in too big a hurry to pay that off since rates are so low. A HELOC is a pretty good second option though, the only drawback is the variable rate but it isn't that big a drawback for only 12K.
Either one will beat the hell out of credit card rates.
I would go with this. Also, with a HELOC it may be possible to get a credit card tied with it. Just in case you needed to pay for something in an emergency.
Posted on 4/6/10 at 4:50 pm to AUFanInSoCal
Aside from the better interest rate, why swap unsecured debt for secured debt? If you default on the credit cards, they can't take your house. If you default on a HELOC, they can FWIW.
IMHO your best bet is a 0% balance transfer to another card.
IMHO your best bet is a 0% balance transfer to another card.
Posted on 4/6/10 at 5:11 pm to givemeabeer
quote:HELOC interest can usually be deductible for tax purposes. CC debt can't.
Aside from the better interest rate, why swap unsecured debt for secured debt?
This post was edited on 4/6/10 at 5:12 pm
Posted on 4/6/10 at 5:15 pm to LSURussian
NEVER exchange unsecured debt for secured debt
Posted on 4/6/10 at 5:19 pm to 756
This is why bankers are rich.
Posted on 4/6/10 at 6:20 pm to andyjordan78
quote:
CC debt is the devil.
On a side note, I just recently bought a refrigerator from Sears with a 1 year no interest deal. Now,
Reading the fine print...
Interest will be charged on the purchase price if not paid in full within 12 months or if you make a late payment.
"APRs up to 26.49%, but if your account has a variable APR, the APR is up to 29.99% as of 3/01/10 and may vary. Lower rates may apply. Minimum INTEREST CHARGE: up to $2. An Annual Membership Fee of up to $59 may apply. See card agreement for details."
I'm gonna put this on my refrigerator door.
Posted on 4/6/10 at 7:44 pm to rmc
quote:
You guys do realize that when they sue someone for not paying their credit card and get a judgment, then turn around and record that judgment where you live, they have a secured interest if you own a home?
Not a lot of people do realize that, no.
But the bottom line is when you borrow, always do it as cheaply as you can. You won't lose your house provided you don't borrow too much to start with. Always pay the bills on time, no exceptions. If the OP has 50K in equity he should have more than enough to cover a 12K debt at an outrageous rate and not worry about it.
That assumes, of course, not charging the card right back up again.
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News