My husband and I are thinking about taking out a loan to pay off credit card debt and medical bills.?

Answers:9   |   LastUpdateAt:2012-09-14 09:10:03  

Question
ara
Asked at 2012-08-10 03:29:02
Our house is paid for and their parents think it is a bad idea to take out a loan for unsecured debt in trade to be sure the house. While this would save about $ 500 a month to not have or put something else on the cards and just pay cash? Good idea or bad and if so what kind of loan we have?
Answer1ice creamAnswered at 2012-08-10 03:54:03
You do not always risk of losing your home because you never know what circumstances may come your way . If this is your only option, get a little more on your home loan and replace a significant amount (a couple of months' salary in controls) . This will serve as a safety net in case someone loses their job or gets hurt.
If can be patient and continue to pay , consider the payment of his first letter lower, while only the minimum payments on others. When one is paid, shift their focus to the next. When enough of them are paid , you could consider increasing a couple of credit limits and consolidation, and follows the same cycle. If you focus all of its unexpected extra income (such as bonuses , gifts , etc.) can accumulate faster than you think .
Good luck !
Answer2JarmishaAnswered at 2012-08-12 15:43:03
You sound like prime candidates for a home equity loan . The amount paid is based on equity in the house and interest rates are usually quite low. If you go that way make sure you understand the pre-payment penalties .
Answer3Neha-senAnswered at 2012-08-13 01:09:03
The main and only just thinking about getting rich is : "Stop giving our money to other people." You can quote me on that
.
Therefore, if you can get a refinance loan at a low interest rate , for example sub 7%, and pay the debts that are 21% , then you will be able to reduce its debt at a much more faster than if you did not refinance the house.

Now, I will caveat this by saying : Stop using credit cards first . If you refinance the house only to go out and run their backup cards then this exercise is a dead end.

Also, if your debts are doctors without interest, then I do not borrow money to pay them. Because you do not want to pay a non-interest bearing debt to one that will have to pay interest on .

Also, if you have any debt with high interest car , pay well. Yes, because you have loans on their cars , their net worth is to be beaten twice. First by paying interest on the loan and your car is in decline in value. OUCH !

Now, go do what makes sense . Pay high interest accounts with low interest mortgage . Failure to pay zero interest debts and never borrow money for a car anymore!

Save, save, save . Pay cash and not borrowing more money. What is the Montra : "To be rich is the easiest method to stop giving money to other people! "

Good luck .
Answer4frogAnswered at 2012-08-13 19:23:02
A small loan consolidation with low interest rates is the best I found interesting information about your answer and options here. http://all-debt-consolidation-loan.blogs
Answer5nonoAnswered at 2012-08-14 16:13:03
Here is a good option to output. This company has lots of free information for you. This company has been featured on national television news casts (not infomercials ) and published in several magazines such as Newsweek. This company is where people pay money to others. Borrowers have up to three years to repay their loans. The maximum loan you can get is $ 25,000. Good luck .

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Answer6Tosin osemeoboAnswered at 2012-08-18 23:29:02
Do not borrow against the house to pay your credit card bill , you are putting an unsecured debt to a secured debt so they can have the opportunity to foreclosure if they get into financial trouble , as a dismissal . MedlinePlus MedlinePlus If I were you , I look at your spending habits and husbands . Since you do not have a mortgage payment , you and your husband should have enough money to pay your credit card bill each month . Owning your home on the right and has a credit card debt is meaningless. Sounds like you and your husband are spending more than you earn . MedlinePlus MedlinePlus Review your spending habits and not get a home loan to pay your bills ...
Answer7ElissaAnswered at 2012-08-22 00:17:04
Get a home equity loan and then not only can reduce your interest costs on credit cards , but also cancel the new mortgage interest your income tax (assuming it is legal in your jurisdiction ) . If you shop around , you should be able to get around 5 % per annum, and by the way , on your loan application , indicate " home improvement " as the purpose instead of " debt consolidation " .
Answer8BalaAnswered at 2012-08-27 21:15:03
Hello , MedlinePlus I used " Credit Solutions " to settle my debt.They managed to reduce my debt up to 58 % is legitimate.I across this company on NBC News Special Edition.Check a look here : . MedlinePlus http://shortlinks.co.uk/4cl
Answer9BRYANNAAnswered at 2012-09-14 09:10:03
donates borrow from Peter to pay Paul form - shrink the lifestyle and maintain their own grindstone - just stop spending on things needed UN and pay the debt !
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