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Started By
Message
About 20k of CC debt
Posted on 10/27/19 at 7:02 pm
Posted on 10/27/19 at 7:02 pm
So like a dummy, after building a house and vacations and shopping and stuff, we’ve accumulated some CC debt. I’m tired of paying it, i mean we can afford payments with no problem but I really don’t want to pay the interest anymore and want to get back to saving.
Is there anyway I can a get loan or refinance my house to get rid of CC debt?
We’ve been in the house 6 years, have about 80k of equity. Advice is appreciated.
Is there anyway I can a get loan or refinance my house to get rid of CC debt?
We’ve been in the house 6 years, have about 80k of equity. Advice is appreciated.
20
Posted on 10/27/19 at 7:04 pm to Tigeralltheway
quote:
we’ve accumulated some CC debt. I’m tired of paying it, i mean we can afford payments with no problem but I really don’t want to pay the interest anymore and want to get back to saving.
So you can pay the interest payments no problem or monthly required minimum?
Look to consolidate, but if not then just tackle the highest interest rate card and go from there
Posted on 10/27/19 at 7:05 pm to Tigeralltheway
Start with this thread
to ensure that you never find yourself
in this situation.
to ensure that you never find yourself
in this situation.
This post was edited on 10/27/19 at 7:07 pm
Posted on 10/27/19 at 7:12 pm to Tigeralltheway
quote:
So like a dummy...we've accumulated some credit card debt
quote:
I’m tired of paying it, i mean we can afford payments with no problem but I really don’t want to pay the interest anymore and want to get back to saving.
Is there anyway I can a get loan or refinance my house to get rid of CC debt?
I'm assuming that the Money Board opinion will be that the above idea will make you none the wiser.
You've done some self admittedly dumb stuff. Being tired of paying monthly cc bills goes with the territory. Buckle down, cut spending, and kill those credit cards. You need to hate the payments so much that you work like a madman to pay them off. $20,000 isn't the end of the world.
It is likely that an easy way out will result in the same 'dumb' spending habits down the road.
The solution is simple: The quicker you knock out the principal the less the interest will bother you.
This post was edited on 10/27/19 at 7:27 pm
Posted on 10/27/19 at 7:41 pm to Tigeralltheway
You could get some HELOC rates. Some places will lock a lowish rate in for a year. If you have a relationship with the bank that did your mortgage start there so it’s a low origination fee.
Posted on 10/27/19 at 7:53 pm to Tigeralltheway
Don’t refi or some other bullshite. Just pay it off as fast as possible and sacrifice some of your lifestyle. Otherwise you’re just going to move it from point a to b and start the same mess again. You might save hundreds of dollars. Not a big deal in the scheme of things. Although, more than likely, while you will lower the interest rate you’re going to drag out the duration.
Once you’re done making the aggressive payments, start making those aggressive “payments” to yourself to a savings account. We did this for our student loans and it’s amazing how fast you can build a pile of cash.
Then find a balance of saving and spending and you’ll be much happier.
Once you’re done making the aggressive payments, start making those aggressive “payments” to yourself to a savings account. We did this for our student loans and it’s amazing how fast you can build a pile of cash.
Then find a balance of saving and spending and you’ll be much happier.
Posted on 10/27/19 at 8:31 pm to Tigeralltheway
don't pay off an unsecured debt with a secured debt.
Pay it off- If you have cash or an asset you can liquidate easily( boat, car, etc) sell it and make a quick large payment
You are a candidate for Dave Ramsey- FPU
Pay it off- If you have cash or an asset you can liquidate easily( boat, car, etc) sell it and make a quick large payment
You are a candidate for Dave Ramsey- FPU
Posted on 10/27/19 at 8:52 pm to Tigeralltheway
First bit of advice is stop taking expensive vacas and shopping sprees you can’t afford. Next would be, you should be able to take a home equity line of credit/loan to pay it off.
After I went back to school and graduated college I had about 10k in CC debt. I was aggressive with the new income from my job and paid it off ASAP. It’s a huge relief when you get out from under
After I went back to school and graduated college I had about 10k in CC debt. I was aggressive with the new income from my job and paid it off ASAP. It’s a huge relief when you get out from under
Posted on 10/27/19 at 9:01 pm to Tigeralltheway
Do y’all eat out excessively? I’m a cheap arse so excessive to me isn’t much at all, but get yo butt in that grocery store. I’m really nerdy and like to add up the costs of all my ingredients to cook a big meal that can last for days and think about how it’s 4/5/6/7/8x cheaper than going out... is this wrong? Should I not do that?
Anyway, that’s something you could begin doing tomorrow to boost your repayment
Anyway, that’s something you could begin doing tomorrow to boost your repayment
This post was edited on 10/27/19 at 9:03 pm
Posted on 10/27/19 at 9:11 pm to Tigeralltheway
quote:
Is there anyway I can a get loan or refinance my house to get rid of CC debt?
Agree with one of the above posters, don't turn your unsecured credit card debt into a secured one(heloc/house) etc. Last thing you want to happened is to lose your job and then lose your house because you can't make the payments.
If you can get an unsecured personal loan that's an option.
The other is to do a balance transfer to a card with 0% promo for 6-12montha (usually you'll pay a 3% fee on the amount transferred, but 3% is less than the 11%+ I'd imagine you're paying on the CC balance currently). Then knock it down quickly during the promo rate.
Of course it all starts with changing your lifestyle habits and budgeting from the get go.
Posted on 10/28/19 at 6:26 am to Tigeralltheway
Lot's of good responses in here. I would strongly suggest you take a look at your lifestyle. You are probably wasting a ton of money each month.
A few suggestions I have given friends to guide them.
1. Stop going out, period. Your life is work and sitting at home until the debt it paid.
2. Rent a room on airbnb
3. Sell your vehicles and but 10 year old camrys
4. Sell all the shite in your house you aren't using and is just sitting there.
Some would call this drastic, but 20k in credit card debt calls for drastic response. Punish yourself for putting your future at risk like this.
You should be able to knock out 20k in no time if you do this. Then go back to what you feel is normal (minus the credit card)
A few suggestions I have given friends to guide them.
1. Stop going out, period. Your life is work and sitting at home until the debt it paid.
2. Rent a room on airbnb
3. Sell your vehicles and but 10 year old camrys
4. Sell all the shite in your house you aren't using and is just sitting there.
Some would call this drastic, but 20k in credit card debt calls for drastic response. Punish yourself for putting your future at risk like this.
You should be able to knock out 20k in no time if you do this. Then go back to what you feel is normal (minus the credit card)
This post was edited on 10/28/19 at 6:28 am
Posted on 10/28/19 at 6:45 am to I Love Bama
quote:
Some would call this drastic, but 20k in credit card debt calls for drastic response. Punish yourself for putting your future at risk like this.
Exactly. I don't see taking out a heloc in order to 'save' more money as a solution at all. It's not getting him anywhere closer to the root of the problem, and the same mistakes are likely to happen again.
Posted on 10/28/19 at 6:56 am to Tigeralltheway
The market is hot. Sell your damn house and start back in a trailer.
Posted on 10/28/19 at 8:04 am to Tigeralltheway
I have found that one of the best 2nd jobs people in debt can have is "manage the home." Your 1st job is go to work. The 2nd job is stay home and do anything and everything you can at home. Only leave for 3 things 1) work, 2) groceries & 3) free entertainment especially if you have kids.
Some items to "manage" at home or work on:
1) Don't pay anyone else to do anything to your home. Learn how to do whatever it is and DIY especially cleaning and maintenance items.
2) Spend significant amounts of time monitoring and tracking your spending so you can cut ALL the waste, not just some (cancel subscriptions, memberships, etc.)
3) For items you can't cut, find ways to reduce their cost (different phone package, lowest internet speed package, etc.).
4) Purge....Spend time purging the house of unnecessary items and sell them for cash. This includes finding anything you own with equity.
5) Vehicles.....This relates to a few of the points above but if you have nice vehicles, sell them yourself. Take the cash and buy a used car of the smallest type you can safely drive back and forth to work. Put the extra cash toward the debt. UPDATE YOUR INSURANCE OPTIONS!!! Your used car should be such that there is no point carrying comprehensive insurance on it. Not having a nice car will make it easier to spend less on insurance and you'll also likely save on fuel costs. If you have a car payment, this step should probably be one of the first steps.
You can usually generate a few hundred dollars a month extra income just by managing your home more effectively. If you had car notes, then you probably just gave yourself $1k+/month raise.
Good luck.
Some items to "manage" at home or work on:
1) Don't pay anyone else to do anything to your home. Learn how to do whatever it is and DIY especially cleaning and maintenance items.
2) Spend significant amounts of time monitoring and tracking your spending so you can cut ALL the waste, not just some (cancel subscriptions, memberships, etc.)
3) For items you can't cut, find ways to reduce their cost (different phone package, lowest internet speed package, etc.).
4) Purge....Spend time purging the house of unnecessary items and sell them for cash. This includes finding anything you own with equity.
5) Vehicles.....This relates to a few of the points above but if you have nice vehicles, sell them yourself. Take the cash and buy a used car of the smallest type you can safely drive back and forth to work. Put the extra cash toward the debt. UPDATE YOUR INSURANCE OPTIONS!!! Your used car should be such that there is no point carrying comprehensive insurance on it. Not having a nice car will make it easier to spend less on insurance and you'll also likely save on fuel costs. If you have a car payment, this step should probably be one of the first steps.
You can usually generate a few hundred dollars a month extra income just by managing your home more effectively. If you had car notes, then you probably just gave yourself $1k+/month raise.
Good luck.
This post was edited on 10/28/19 at 8:13 am
Posted on 10/28/19 at 1:20 pm to Tigeralltheway
Whats the interest rate on your mortgage? Rates are pretty low right now so a cash-out refinance might make sense if it'll end up lowering your mortgage interest rate and use the cash-out to get rid of CC debt.
Posted on 10/28/19 at 1:44 pm to Tigeralltheway
In all seriousness, don't do this. As several have pointed out, do not turn an unsecured debt into a secured debt. Behave your way out of this or you'll be right back here in a couple years. There's a never ending supply of furniture, guns, TV's, vacations, strippers, and coke to waste your money on. You just have to figure out how to do it without borrowing from people. Nut up.
Two posts in one day where I got to say this. Big day on MT board.
Two posts in one day where I got to say this. Big day on MT board.
Posted on 10/28/19 at 2:07 pm to Tigeralltheway
First of all, stop relying on them. Hide them from yourself and go back to using a debit card for purchases.
Play the balance transfer game with the credit card companies. We just moved about $15k in CC debt to a Discover card that has 0% interest for balance transfers for 18 months. Once that time is up, move it to a different one and finish paying it off.
Play the balance transfer game with the credit card companies. We just moved about $15k in CC debt to a Discover card that has 0% interest for balance transfers for 18 months. Once that time is up, move it to a different one and finish paying it off.
Posted on 10/29/19 at 5:26 am to Tigeralltheway
This board sure loves you hate on Dave Ramsey, yet gives Dave Ramsey advice.
With that being said, there is a lot of good advise here.
However
There is nothing wrong with getting a HELOC, HELOAN, or personal loan for this. There are plenty of places out there that have no origination fees nor early payoff penalties.
The rates are much much lower and the math will always work in your favor
Unless
You fall back on your now available credit line again and then you are back in cc debt plus owe on your other loan. If you can be disciplined enough to not use your cc anymore or close your cc, then your better off. If not, you should do what every one above say
With that being said, there is a lot of good advise here.
However
There is nothing wrong with getting a HELOC, HELOAN, or personal loan for this. There are plenty of places out there that have no origination fees nor early payoff penalties.
The rates are much much lower and the math will always work in your favor
Unless
You fall back on your now available credit line again and then you are back in cc debt plus owe on your other loan. If you can be disciplined enough to not use your cc anymore or close your cc, then your better off. If not, you should do what every one above say
This post was edited on 10/29/19 at 5:27 am
Posted on 10/29/19 at 8:55 am to LSU6262
quote:
This board sure loves you hate on Dave Ramsey, yet gives Dave Ramsey advice.
The guy posting the question is dead center in the Dave Ramsey target demo. Most regulars on this board are not.
Agree with the advice above. Pay that stuff off with your discretionary money. You need to learn to budget and live within your means. Your house is not a get out of jail free card. The only advice I don't like is the guy who said sell your cars and buy old Camrys. This may work if you have big notes but aren't upside down. If your cars are paid for, or if you don't have equity, this is a dumb idea. No use taking unnecessary financial hit today - just make better decisions going forward (i.e. don't buy a car you can't afford)
Posted on 10/29/19 at 10:49 am to Tigeralltheway
quote:
after building a house and vacations and shopping and stuff,
quote:
We’ve been in the house 6 years,
Lets first clear things up, this debt is not from building your house 6.5-7 years ago.
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