I have about 7k in credit card debt. I also need some extra money for the property tax coming up by the end of the year. Would a personal loan be better than a HELOC?
2006-10-24 10:29:56 · 8 answers · asked by Dakine808 1 in Business & Finance ➔ Credit
Sometimes it makes sense to do a HELOC, sometimes it doesn't. Look at the whole picture and figure out which one makes most sense for you right now...I have a little experience with this stuff. If you have too much debt, you may not qualify for a note loan...kindof a catch 22, eh. if your credit is good, do a fixed rate 2nd instead of a heloc.
2006-10-24 10:44:39 · answer #1 · answered by Joe Hogan 1 · 0⤊ 1⤋
1
2016-09-28 02:27:17 · answer #2 · answered by Phillip 3 · 0⤊ 0⤋
There are not too many companys willing to give you a personal loan for this amount. If you get a Heloc you can write off the interest. My choice is a HELOC .....
2006-10-24 10:39:17 · answer #3 · answered by Cutie1524 2 · 0⤊ 1⤋
I believe that the personal loan will have a much higher interest rate than your equity line would. Call your bank & get the rates for each & then decide :)
2006-10-24 10:37:59 · answer #4 · answered by campingqueen63 2 · 0⤊ 0⤋
You need to save more and spend less thats the way to get out of debt Bud.
2006-10-24 10:35:03 · answer #5 · answered by Anonymous · 1⤊ 0⤋
hmm, let me see if the NHBS Team I gotten assistance from just months ago can help you with that, you might want to vsit them
http://www.newhorizon.org
hope all be well soon
have a super day=)
2006-10-24 11:10:22 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Robbing Peter to pay Paul is not the answer. Reduce your spending, make a budget, stick to it and save money. Get a part time second job if you have to.
2006-10-24 10:37:45 · answer #7 · answered by Island Queen 6 · 2⤊ 5⤋
it won't matter, as personal loans have high interest rates
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2006-10-24 16:20:41 · answer #8 · answered by BIjan 2 · 0⤊ 2⤋