We needed to make an emergency repair on our stucco home that cost nearly $50K. Had to put it on a few high interest credit cards and now I'm freaking out! How can we pay this off quickly or get the balance transferred to something else? I was thinking of a home equity but we already have 2 mortgages on this place and no one wants to take third position. Moving is not an option as we'd be upside down. HELP!!! Any advice is welcome!
2007-11-21 12:18:44 · 7 answers · asked by itsallgood 5 in Business & Finance ➔ Credit
Stuart...thanks for the frank advice. We are not irresponsible people. Our house was literally falling apart and we had no other choice. We couldn't even put it on the market the way it was before. Trust me, I want to get this behind us! I have a kid heading to college in 4 years!!!
2007-11-21 12:33:11 · update #1
By doing a home renovation you probasbly have increased the value of your home. Reassessment may be needed to see if there is any equity.
Try consolidating 2 mortages and credit card bills into one mortgage refinance. That way the mortgage company will have primary position and you only have one payment to make. See if you can extend amortization to reduce your monthly financial obligations.
Good Luck
2007-11-21 12:58:25 · answer #1 · answered by Jake 3 · 0⤊ 0⤋
Help me understand this: you borrowed fifty thousand dollars on a high interest credit card to make home repairs ... and you want to lower the interest or retire the debt?
Pay the credit cards off. The payment is usually due the first of the month.
Is the payment high and the interest unbelieveable? You bet it is. But you knew that when you decided to borrow on those terms.
So, make the payments for a year or two until you're in a better financial position and can use other options.
And, gain long term knowledge from your new-found 20/20 hindsight.
2007-11-21 12:25:08 · answer #2 · answered by Stuart 7 · 0⤊ 0⤋
Hmm pay off as much as you can each month, maybe find a lower interest rate card and transfer it to those a lot offer cheaper introductory on things transferred in
Or try to get a personal loan, which im sure sounds crazy but in the long run youll save a lot of money.
2007-11-21 18:20:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I know this may sound obvious or not what you want to hear, but working a second job would bring in more money. If you are married, you, your husband, or you both can take on another job. It sounds like you have a teenager at home. He/She may need to take on more responsibility. When you start bringing in more money, you can ease yourself by putting payment schedules in plan. You also may need to speak to a financial adviser on ways you can ease monthly financial obligations.
2007-11-21 13:30:57 · answer #4 · answered by ♥michele♥ 7 · 0⤊ 0⤋
i does not-in case you lose which you have not have been given any factor for the destiny.come across a financial consultant that may be useful you with the debts.Paying off the smallest one first and artwork your way as much as the main important card debt.they might desire to allow you already know what the main suitable techniques are for you.
2016-10-02 03:32:26 · answer #5 · answered by brashears 4 · 0⤊ 0⤋
Did you do home improvements as well where the value may have gone up after completion? If so, you may be able to refinance.
2007-11-21 12:37:32 · answer #6 · answered by Ron da Don 3 · 1⤊ 0⤋
maybe you should consider going bankrupt....in the long run, it may be worth it. After that, make wiser choices with your money
2007-11-21 12:23:06 · answer #7 · answered by peter h 1 · 1⤊ 1⤋