Would you recommend taking equity from a home to pay off credit card debts?

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Depends how much debt and cost to access equity and how long it would take to pay either back

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What’s the debt from? How much is it? What’s the APR? Have you made changes to avoid racking up similar debt in the future?

Over 30k in cc. Yeah making changes now. Decided to sell off my car for 18 -20k and dump towards cc. APR varies per cc.... from 18% to 30%

It would be better if you can, to open a 0% credit card and balance transfer all cc debt to those. Focus on paying it down aggressively.

Here’s one list:

https://www.nerdwallet.com/m/credit-cards/excellent-low-interest-credit-cards-2

No. You would be better off getting a second job to pay off the debt instead. On a HELOC, the interest paid would NOT be deductible and you are risking your home.

Credit cards debt can ruin your credit temporarily - but they can’t foreclose on you and force you to sell your home if you get behind on your payments.

Sometimes you can get a fixed rate personal loan or personal LOC to pay off high interest rate credit cards. Talk with your bank and shop for a credit union loan. Another option is to take a loan from your 401k, if you have one, but not all employers allow that.

Tips:
1. Do not ever close your oldest credit card account. Your credit score will take a huge hit.
2. Do pay down at least one card to be less than 50% of available credit & make minimum payments on all others. Then work on the next one to keep all your balances below 50%, that will help open back your new credit options.
3. Try debt snowball - pay as much as you can on your smallest balance card first and pay only minimum on all others. Then roll that payment over to the next card until it is paid, then next card. Often after you pay a card off they will send you a good balance transfer offer when they see you still have debt on other cards.
4. Call your credit card companies and ask for a rate decrease. They will probably say no, but it’s worth your time to at least try.
5. If you can’t make your minimums, make a spreadsheet of your income bills and debt and call and tell them you are having financial problems, but you will make a payment based on what you can afford & show how you plan to pay a partial payment. Some companies will accept a lower payment & not fine you & send you to collections if you call and make an arrangement. These won’t be pleasant calls, but it shows your integrity. Write down day/time you called & who you spoke to & do it anyway even if they don’t agree. Call back if they fine you and ask to have fine waived again.

Many thanka for this detailed advice

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