Loan

By Terry Savage on March 07, 2024 | Credit/Debt

Hi terry have a question looking to get some stuff done but don’t know where to start I owe about 6500 on a credit card have some people I owe money to some where around 8500 which haven’t ask for but would like to pay off and would like to do some repairs around the house probably looking at 10-15k in work.Now I was looking into heloc or cash out refinance but I don’t know with these interest rates being so high was told that I have around 160k in equity my mortgage in principal is around 63k where can I benefit from trying to do all of that any advice terry thanks?

Terry Says

STOP right there. It doesn’t make sense to borrow on your home equity until you have a plan to pay down debt. If you can’t pay down your current debt, digging another deep hole won’t help. It will just put your house at risk!

I suggest you contact the National Foundation for Credit Counseling at 800-388-2227. That will connect you tothe nearest local member agency. You can trust them. They will help you work out a play –without touching your home equity.

Recent Credit/Debt Questions

money

ASK TERRY

a personal
finance question