Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts

Do you have an additional $40,000 in equity in your house to get that much out?

I can work and get you some temporary relief however, if you pull that much money out of the equity in your house and then turn around and start running up the credit cards again, you won%26#039;t have solved anything.

If you do decide to get a HELOC, I would strongly suggest that you double up the payments on it and get it paid off as soon as possible. It will take you quite some time to pay that off if you make minimum payments on it. Otherwise, you%26#039;re never going to be out of debt and 5 or 10 years from now, you%26#039;ll be starting the whole cycle over again.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

Ask your tax accountant, but I think that the total payments on a home equity are deductible. Plus you%26#039;re not extending the number of years left on the first mortgage.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

Well, there%26#039;s a lot more information needed to help you with a decision. Such as, how much equity do you have in your home? And, after you pay off your credit card debts, are you disciplined enough to not run them up again? Just some things to think about.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

Only if that STILL leaves you with atleast 10% equity. It can cost close to that (8-9%) to sell a home with a realtor and closing costs, and you dont want to be in a situation where you wouldn%26#039;t be able to sell and walk away if you lost your job or something.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

Lets really think about this. If you have enough equity in your home, do you really want to lose that. If you default on your home loan, you lose the home. If you default on a credit card payment, it won%26#039;t cost you your home.

Everything can be negotioated. Call your credit card companies and tell them that you are interested in lowering your rate and if you have to transfer balances to a lower interest card, you will. They will usually lower interest rates if you have been a good customer.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

You are about to do something even dumber than accumulating $40k in credit card debt. Do you really want to put your credit card debt on the house where your kids sleep? Think about it! Go to the website below %26amp; figure out how to get your financial act together. You need to stop trying to borrow your way out of debt.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

What is your goal? To get out of debt? Because you won%26#039;t do that with a re-fi or HELOC - you%26#039;ll just shift the debt from one place to another.

The best way to do this is by paying MORE than the minimum on your credit cards using a debt snowball. List your debts from smallest to largest balance (unless one or two have REALLY high interest rates, then they%26#039;ll go at the top). Start paying as much as you can on the top debt and the minimum on everything else. When debt #1 is paid off, roll the money you WERE paying them into debt #2 (your debt reduction payment will stay the same). Keep rolling the payments as you pay off each debt and you should be debt free within three years.

We used this plan and paid off over $60K in debt (car, credit cards, student loans) in about 3.5 years. It takes hard work, but now, our money is our own.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

I am Mr Peterson Chris.I am a legitimate loan lender who gives out loans at low interest rate of 3%.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.I deal with only honest people who are really in need of this loan.If interested contact me today with the loan of loan you need so that my loan terms and condition will be forwarded to you.You are to mail me or contact me through this email address

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Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

HELOCs are attractive bet as you can generate the urgent cash at a reduced interest rate. Another benefit of opting for HELOC, or a home equity line of credit is the tax break you get, but you have to get it confirmed from your lender or accountant.

Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.?

Maybe you should file bankruptcy. You can still keep your house if you decide to file. Depending on houw much equity you have in your home, you might have to file a Chapter 13.