I am a 46 year old SWF w/approx.$4,300.00 in combined credit card debt. Considering a home equity line, much lower int. rate to payoff the debt.

March 06, 2008

Posted by mbacas

( 2 ratings )

Don't bother. Just bust it and pay it off. Debt CONsolidation loan doesn't make you change your habits and your likely to end up with home equity loan and new CC debt.

Sign in or register to rate or comment on this answer. | Save as Text | Save as PDF | Print

March 10, 2008

Posted by jadam23

( 0 ratings )

cc debt is unsecured. This means that the worst that could happen is they adversely affect your credit score if you default...never ever ever take out a home equity line of credit to pay off cc debt. The home equity line of credit is secured by your home and if you don't pay it off you stand to have liens placed on your property or lose your home if you fail to make payments.

Sign in or register to rate or comment on this answer. | Save as Text | Save as PDF | Print