| Line of Credit to Pay Cards |
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eyeontheprize
Member
Cash: $ 2.55
Posts: 12
Joined: 09 Feb 2006
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| Line of Credit to Pay Cards |
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What do y'all think of using our line of credit (7.5 percent) to pay off our two credit cards (one at 10.25 percent with 4K and the second at 15 percent with 5K). I know, I know, we're in deep.
But we cut up all the credit cards, make a budget each month, and are on the debt snowball (sorry if this is repetetive from my other post).
Thanks, y'all. Your insight is really helping us out. We're kind of "money dumb" but want to get smarter--and NOW!
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Fri Mar 10, 2006 1:23 pm |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Credit Card Debt Problem |
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Eyeontheprize:
Listed below is a web site you should check out. There is a well known journalist Suze Orman, who specializes in these areas. I have one of her books, but it is an ebook on Microsoft Reader and I cannot copy it.
finance.yahoo.com/columnist/bio/moneymatters
I don't want to give you my opinion because I feel it is better to get the information from an expert in the field. Hope this helps you.
JBendar 
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Fri Mar 10, 2006 1:44 pm |
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dbe1351
Member
Cash: $ 3.75
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Joined: 04 Feb 2006
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eye - if your very certain you can make the payments then you should consolidate your debt with a Home Equity Loan. This is the number one use of Home Equity Loans - and it's very smart. You also get the bonus of any interest expense being tax-deductible.
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Sat Mar 11, 2006 1:09 pm |
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eyeontheprize
Member
Cash: $ 2.55
Posts: 12
Joined: 09 Feb 2006
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| Line of Credit to Pay Cards |
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(This is a combined response to the "Line of Credit" and "Car Loan" threads:)
muneepee,
I agree with almost all of what you wrote. I paid my own way through college, too, but I lived and worked on campus (no car). Transportation wasn't a problem.
Seriously, though, I wish your writing was more readable. Most people cannot even decipher your writing to receive the advice. SERIOUSLY. Why do you write like that? SERIOUSLY.
Back to the subject, the campus is about 10 miles from home. She already has a PT job, but all her earnings $1500 went to paying for her senior missions trip (required) to Africa in May. She still has about $200 to pay on that.
We're hoping she will find a great job this summer. She is a VERY hard worker. Hopefully she can save enough to get an inexpensive car. In the meantime, depending on where her job is, we will try the "drop you off" and "pick you up" method.
As far as the credit cards, I think we will stay on the debt snowball plan and hope that it works out sooner than later. I'm not really comfortable with jeapordizing our home to pay them off (DH's idea).
Thanks, too, for the somewhat "comforting" thought that we are not THAT far in debt. It didn't seem like it for us until we started listening to Dave Ramsey!!
Last edited by eyeontheprize on Sat Mar 11, 2006 1:36 pm; edited 2 times in total |
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Sat Mar 11, 2006 1:19 pm |
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eyeontheprize
Member
Cash: $ 2.55
Posts: 12
Joined: 09 Feb 2006
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Tim,
I am nervous about using the line of credit to pay off the cards in the first place, because, as you said, it's tied to our home then.
It would be a temporary patch, but I guess we need to just bite the bullet and pay off these stinkin' cards ASAP.
Thanks.
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Sat Mar 11, 2006 1:31 pm |
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Kiaser
Senior Member
Cash: $ 43.05
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Joined: 12 Apr 2006
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| Re: Line of Credit to Pay Cards |
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quote:
Originally posted by eyeontheprize
Seriously, though, I wish your writing was more readable. Most people cannot even decipher your writing to receive the advice. SERIOUSLY. Why do you write like that? SERIOUSLY.
Someone should create a muneepee dictionary and translation thread.
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Wed Apr 12, 2006 8:32 pm |
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Safora
Full Member
Cash: $ 13.80
Posts: 67
Joined: 13 Apr 2006
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quote:
Originally posted by coaster
he says that it's not a good idea to put your home at risk in order to pay off other debt. Reason being if everything goes down the toilet you could lose your home.
True, but if you are sure you can make the payments then it definately makes paying the debts a priority. And you do save on the interest.
What about using a credit counselor and getting everything consolidated into one payment that way. I think they generally can get interest lowered, though I don't know how that affects your FICA score in the future, so research first.
quote:
Originally posted by eyeontheprize
muneepee, I agree with almost all of what you wrote
Wow, you guys that actually read muneepenee's threads have far more patience than I will ever have.
MP- Not to be offensive, but are you LD? Because you are nearly impossible to understand and you may want to look into getting some help for that.
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Wed Apr 19, 2006 2:42 pm |
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Rolo
Yo' Daddy
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Joined: 13 Mar 2005
Location: Colorado/Florida
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quote:
Originally posted by Safora
your FICA score
heh
FICA = tax
FICO = Fair Isaac & COmpany, who makes the predictive analysis score
eye: Try genus.org or equivalent and see what they can do for you. It does NOT affect your FICO score.
"Expect me when you see me."
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Thu Apr 20, 2006 3:29 am |
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Safora
Full Member
Cash: $ 13.80
Posts: 67
Joined: 13 Apr 2006
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quote:
Originally posted by Rolo
quote:
Originally posted by Safora
your FICA score
heh
FICA = tax
FICO = Fair Isaac & COmpany, who makes the predictive analysis score
eye: Try genus.org or equivalent and see what they can do for you. It does NOT affect your FICO score.
 LMAO!  Close though. Am I embarassing you yet?
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Thu Apr 20, 2006 4:54 am |
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