2006-10-09 04:28:30 · 7 answers · asked by Suzzanne S 1 in Business & Finance ➔ Personal Finance
you got some replies but here's some great reading, might take you a while though:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!
2006-10-09 10:57:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What are the relative interest rates? If putting your car up as collateral means the interest rate on the loan is significantly better, it might be worth it.
However, there are a lot of credit cards that offer low interest rates on transferred balances (or low interest for the first 6 months or year). You might be better off getting a new card and transferring the load. Note, you must immediately cancel the old cards so you are not tempted to use them.
Another thing to consider, can you afford to lose your car? I.e. do you commute to work in it? Are you far from stores and public transport? If you would be unable to function without the car you should look at other options.
My point is, I think it is worth it to do some additional research.
I also agree with what the other have said. Watch your spending, pay cash, and have only one credit card.
2006-10-09 04:50:56 · answer #2 · answered by Wundt 7 · 0⤊ 0⤋
prepare the $1600 to the $1800 CC invoice. Then pay off your credit enjoying cards and supply up making use of them. in case you positioned it into mark downs, you will earn a measly 2% at maximum suitable. no longer paying off the CCs value you approximately 18% in pastime. Then desire your BF will pay you back so which you will pay off the relax CC balances. pay off the enjoying cards and use the money from those enjoying cards to attack the different enjoying cards you have. as quickly as paid off, start up a mark downs plan for emergencies. Your BF's vehicle isn't a emergency. Your husband's vehicle could be an emergency. how are you going to pay on your next semester's training? Reimbursements come once you pass your direction, no longer formerly. Why did you undertake a canines? That canines is going to fee you in feed and vet costs. fixing your BFs vehicle and adopting the canines is now water over the dam. that money is long gone.
2016-10-16 00:12:46 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Well, if you don't pay the lien secured by your car, you will lose your car. Can't you transfer to a low interest credit card? You should probably destroy your credit cards and use cash only until you can discipline yourself to not spend more than you make.
2006-10-09 04:32:15 · answer #4 · answered by Hank 2 · 0⤊ 0⤋
No. Rarely would you want to secure an unsecured debt. A home equity loan is the only situation that sometimes can be a good idea. I would keep your car in your name. Usually, you can only borrow a fraction of the car's actual value at this point. It simply is not worth the risk.
2006-10-09 05:04:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think its a good idea, when you have high interest on these cards and you can get a loan on your car at a low rate. Just as long as you know you will not be missing any payments and take a chance on losing your car. If you have good insurance on your car and cut up the cards you should be okay.
2006-10-09 04:33:49 · answer #6 · answered by tracieandmark 1 · 0⤊ 1⤋
noo! what happens when your car is totaled and they want you to pay off the car immediately! You will be upside down in the loan and will not be able to get another car. some sound advice.. Spend carefully :)
2006-10-09 04:33:33 · answer #7 · answered by Kristina M 1 · 0⤊ 0⤋