Ask Terry Questions Organizing Finances and debt

Organizing Finances and debt

By Terry Savage on June 10, 2020 | Credit/Debt

I am currently looking to reduce my monthly expenses. I would like to take a consolidation loan for the purpose of paying off credit card debt and am also looking to apply for a Home Equity Line of Credit.

My question is when it comes to applying for the Home Equity Line of Credit will credit card debt and the consolidation loan effect my eligibility in the same manner. (debt to income, credit worthiness, etc).

Thanks in advance

Terry Says

Yes, you need to get a handle on the big picture. I suggest you make a call to the National Foundation for Credit Counseling at 800-388-2227. That will connect you to the nearest local office. You can trust them and they have a minimal charge, and don’t sell anything! They will advise the best course of action if you have all your debts organized and read for the conversation.

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