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Should I Take Out a Home Equity Credit Line to Pay Off My Credit Card Debt? – Joni

“Dear Steve,

Credit card debt about 30,000. I contacted you before but my computer crashed and I can’t locate your email. Own a home, never late on mortgage, pays credit cards on time. Interest rates are so high I’ll never catch up. I’m thinking on a home equity credit line to clear up this debt since its impossible to clear with the high interest.

What other options do I have? I believe I can work this debt down within 5-7 years but the credit card companies wont budge on their interest rates. Since my balances are high, traditional sources (banks, credit unions) won’t approve me. Help!

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Joni”

Dear Joni,

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

After that, come back here and comment about what seems to make the most sense and let’s discuss that.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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