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Rocky13
New Member
Cash: $ 1.05
Posts: 5
Joined: 19 Aug 2011
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I think option B is the best for you.
Delta credit card
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Fri Aug 19, 2011 9:42 pm |
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getoutofdebtguy
Contributing Member
Cash: $ 5.25
Posts: 26
Joined: 21 Aug 2011
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I think we need to look at the numbers here and not just the theory.
It sounds as if your current mortgage is at a higher rate than what you are eligible for now. In that case, depending on the cost of refinancing, it might make perfect sense to refi. I prefer 30 year mortgages since you can prepay like a 15 year but if you get into financial trouble you can drop back to the lower 30 payment without defaulting.
The balance transfer is common suicide. That would be out in my book. One option nobody has mentioned is consolidating the credit card debt into a separate loan using a peer-to-peer lending network like lendingclub.com or prosper.com.
If you have good credit you can get rates down in the 6s and 7s and it will be an unsecured debt instead of transferring more against the house.
Just my 2 cents.
Steve
"Get Out of Debt Guy"
I write about the debt world.
http://GetOutOfDebt.org
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Sun Aug 21, 2011 8:19 pm |
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