Thinking of Asking Credit Card Company to stop charging interest

[RadioMom]

Turning unsecured debt into secured debt certainly doesn't seem like a wise choice to me. So I would advise the exact opposite. If you do end up taking out a consolidation loan, I would make sure you do not attach your house to the loan.

It makes much more sense to pay a much lower interest rate providing the amount is reasonable. I would not recommend a consolidation loan, that is a completely different type of solution.

 

[crisi]

It makes much more sense to pay a much lower interest rate providing the amount is reasonable. I would not recommend a consolidation loan, that is a completely different type of solution.

Not if you need to tie it to your home, though. The risk isn't worth the rate reduction for anyone already struggling with debt.

 

[thomas998]

Your comment was directed at my post and all I can say is there are no words to address your crass indifference.

Count your lucky stars your world has been so blessed.


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I think you've misread what I wrote and what you yourself wrote... My comment was not directed as an attack on you, as from your post it sounded like you had been doing everything the right way and were still struggling.

My comment was directed toward the people and businesses that take the easy way out seeking bankruptcy protection, walking away from houses because they were worth less than they thought or taking bail out money because they made poor business decisions; all of which you and I will be having to pay for in the form of more taxes.... I would say all of us, but a big chunk of the people don't pay any taxes now and probably never will.

 

[DisMN]

I think you've misread what I wrote and what you yourself wrote... My comment was not directed as an attack on you, as from your post it sounded like you had been doing everything the right way and were still struggling.

My comment was directed toward the people and businesses that take the easy way out seeking bankruptcy protection, walking away from houses because they were worth less than they thought or taking bail out money because they made poor business decisions; all of which you and I will be having to pay for in the form of more taxes.... I would say all of us, but a big chunk of the people don't pay any taxes now and probably never will.

I completely misunderstood, yes! I am very sorry for jumping down your throat like that...very inappropriate for me to do that.



I get so used to being judged harshly for even having debt that it puts me on the defensive all the time about the subject.

Again, I apologize for my snarky comments towards you.

As far as people taking the easy way out I always figure somewhere down the line they'll be met with some kind of roadblock or difficulty from their stupid decisions. It's so hard for me to judge like that though because we've been so close to that edge.......I guess I figure for the grace of god go I, ya know?

OP, keep hammering away and I hope you're still at least reading! You can recover from big debt..it will take a bit of work but it's doable!

 

[cats mom]

It makes much more sense to pay a much lower interest rate providing the amount is reasonable. I would not recommend a consolidation loan, that is a completely different type of solution.

Sure, a lower interest rate would be nice, but is it worth putting the house at risk?

Obviously neither you nor I know enough about the OP's situation to say whether it's a reasonable option in her case, but from what I've read here I tend to think not.

And that's not a dig at the OP... as I said before, I would caution anyone thinking about turning unsecured debt into secured debt to think long and hard about it.

Personally I wouldn't do it without a definite plan to repay the debt, and I wouldn't do it without having plenty of cushion (not a likely scenario when someone is struggling with a mountain of credit card debt).

I can't even begin to tell you how many people in my area are losing houses mainly due to HELOC mismanagement. I'm sure most didn't plan for it to happen that way (I say most because I know there are a few who drained every penny they could once they decided to strategically default - I live in a non recourse state) but sometimes it doesn't take much to get in over your head and not be able to find a way out.