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Offlinemakaveli8x8
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need help with credit cards
    #14521655 - 05/27/11 03:28 PM (12 years, 9 months ago)

so ive heard about how sometimes u can get them to reduce how much you owe but im curious how it actually works.  Does your cards have to be sent to a debt collector first or can u contact your credit company.  There's also company's/lawfirms that offer services so im just curious what the best way to get rid of the debt would be.

Putting it into morgage is also an option but is it a good one?


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InvisibleJohnnyConverse
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Re: need help with credit cards [Re: makaveli8x8]
    #14526662 - 05/28/11 02:41 PM (12 years, 9 months ago)

is your mortgage at a lower rate than your cards? And would putting it on your mortgage change your payment?


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Offlinemakaveli8x8
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Re: need help with credit cards [Re: JohnnyConverse]
    #14528466 - 05/28/11 10:17 PM (12 years, 9 months ago)

yah its like 17k in cards, think it ups the margage by about 100 dollars altho thats also with reducing the years but kinda had to do that anyway


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We were sent to hell for eternity :hellfire: Ø:omgawesome:h®
We play on earth to pass the time :foreheadslap:

Over-population the root of all Evil-brings the Elites Closer to the gates.

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OfflineGroovy Grant
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Re: need help with credit cards [Re: makaveli8x8] * 1
    #14529543 - 05/29/11 06:12 AM (12 years, 9 months ago)

Just a few things. First, it's calling settling. Normally it's after you've missed payments, before the CC company offers it. Also, they'll 1099 you for the amount they settle. Meaning you're going to pay income tax on the portion you don't pay back.

Also, rolling into your mortgage seems silly. Should you default on the debt as it is now, it is not backed by any collateral, it's unsecured. The interest rate goes down, because you're securing the debt with collateral (your house). I'd suggest doing everything in your power to pay it down without rolling over into a HELOC. If you stop making your CC payments, there isn't a whole lot they can do to collect. Whereas, you default on your mortgage and you lose your house.

Good luck!

Edited by Groovy Grant (05/30/11 03:03 PM)

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InvisibleJohnnyConverse
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Re: need help with credit cards [Re: makaveli8x8]
    #14535189 - 05/30/11 10:32 AM (12 years, 9 months ago)

Quote:

makaveli8x8 said:
yah its like 17k in cards, think it ups the margage by about 100 dollars altho thats also with reducing the years but kinda had to do that anyway




So for an extra 100 a month you lower the total time on your mortgage and roll your CCs into it, freeing up what 500 or so you were paying to CC?

If that's the case (it seems kind of like optimistic math to me)

I'd strongly think about going ahead and doing it...but I'd try to make a commitment to overpay my mortgage with at least half of the money I was now not paying on CCs if that makes sense

So right now I'm paying 600

My payment goes up 100 but I free up that six hundred

I would add only 250 of the 500 net gain to my budget and pay the extra 250 into the mortgage

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