Easy Home Equity Loan

I have ,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of ,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner.

Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.

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Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.

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I have about 25K in Credit Card debt. I can make the payments with no problem (more than the minimum) but the interest is killer (around 29%). What are my options for lower interest rates. I own my home but havent built any equity yet to get a loan that way.

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We have GREAT credit, steady jobs,nice equity in our current home, and are pre qualified(30yr fix)(no credit card debt, only current mort., an available line of credit and car loans). We found the worst house in a good neighborhood with a slow market.Its at the beach in an area that is predicted to skyrocket later( Multi million dollar golf courses there, new marina,downtown revitalization completed, business growth, no crime) We are placing a bid contingent on inspection…His family says wonderful!! My family says I am crazy,not right time.I have done the work before to my home and tripled its value. My mom says I have 3 kids,putting the fear of God.It would be a little bit tight ( little bit) for two years…then easier (no day care).Do I just do it if it it passes inspection? (The price will be great) How do you KNOW to take the leap? I dont want to be kicking myself for not doing it!! We have both always wanted this.Are we TOO cautious?Most shore towns dont depreciate,right?

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I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.

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Here is my situation:

-owe 00 to citifinancial @ 28.9% interest (student loan & personal loan)— min. payment of 7/mo

–owe 900 to finance company @ 18.99% interest (car loan)– min payment of 8 bi-weekly

–owe 0 to HBC credit card @ 28.9% interest (used for wedding attire and wedding necessities)

–owe 6000 to mortgage company @ prime + 8%- originaly purchase price of house was 3,900

Citifinancial has offered us the following home equity loan terms:

–lowered interest to 18.9%
–pay off car loan & credit card debt
–pay off our existing loan with them
–lowered monthly payments to 7/month (we would pay bi-weekly and about 0 bi-weekly, so paying more then minimum payment)
–00 cash upon signing new loan (which we could REALLY use to buy new appliances for our kitchen- dishwasher is dead, and so is our dryer)

My husband doesn’t think it is a good idea to take our a home equity loan, while I think it is a good idea because of a lower interest rate, paying off other debt, and NOT financing our needed appliances (at an in-store rate of 28% interest, because we don’t have extra cash right now)… what do you think?

We have had our original citi loan for 13 months, and it was originally 500– we have it down to 00 in a year, so we are good at paying it on time, and paying more on it when we can.
I think it is a good idea to take the loan, because it seems it will help our credit, lower our monthly payment (though as I said, we would continue paying more than the minimum)– and the best thing would be that our other loans are more than 18.9% interest- so wouldn’t it make sense to pay only ONE bill (the new citi loan) than a bunch of small ones at higher interest rates??

Help me make sense of this- how can I explain this to my hubby so he sees it the same way I do? HE says he doesn’t want to do it because he wants to pay citi financial off and never deal with them again- he doesn’t see how it can really help us out right now…

ALSO it would prolong our payments to citi for 2 years beyond what we are owing them right now- this new loan would be for 160 payments- 160 months=13 years whereas we owe them for a little under 11 years right now… and our car loan is 4 years ammort.

What makes sense- taking the loan OR paying what we do now on different bills and never getting anywhere?

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Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.

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Transferring credit card debt to a Home equity load, is this a good thing?

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