How to get money now without touching investments
Should I get a line of credit on my mortgage free home or try to get money on credit cards switching cards when interest starts to be charged?
Is it best to close a credit card if not using it or just keep it open? (Victoria Secret credit card)
Thank you Terry.
Terry Says
Whew — neither of these is a good choice! Switching around on credit cards is the road to disaster! Rates are too high, fees add up — and you’re bound to get caught in a high balance/high rate situation.
A home equity line of credit would be best — if you have good credit. But beware of the terms. Many require interest-only payments — leaving you with a big balloon at the end. And rates can move higher.
How about Plan B or Plan C?
Plan B: sell something
Plan C: Get another part-time job.
You ruled out selling investments. But with most prices down these days, maybe you can sell to get the money you need, take a loss as a writeoff against your ordinary income.