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Credit Card Debt?

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hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Credit Card Debt?

I know there are ways to consolidate cc debt but what if you only have 1 cc that needs to be paid off? Is there some way that you can use the equity in your home to pay off the card? I know if you refinance you can do this but my rate is lower than the rates now so that would not work. Thanks!

Posted 2/13/06 10:21 AM
 
Long Island Weddings
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DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Credit Card Debt?

You can take out a home equity line of credit that will not affect your existing mortgage. Just keep in mind interest rates for HELOCs are currently very high right now (7% and up in some cases).

A 0% interest for a year credit card balance transfer might be a better option depending on how long you plan on paying it off.

Posted 2/13/06 10:28 AM
 

june262004
But I love the Snow!

Member since 5/05

15379 total posts

Name:
Kristin

Re: Credit Card Debt?

We took out a HELOC to consolidate our cards

Posted 2/13/06 10:30 AM
 
 

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