*Loan,banking and credit>>>debt loan

Need Debt Consolidation advice, refi? heloc? loans?

We have only had our mortgage since April 2007 (238k @ 6.75) . We have 11k in credit cards mostly around 22% interest, plus an old loan for 12k (26% interest), we have no equity in our home since the market sux for us right now. Should we just do the rob Peter to pay Paul game til we get the cards paid off with balance transfers & what not to 0% cards? Should we refi & get cash out but pay 5k in closing costs & have 6.25% on first & 13.3% on second? Help..we've falling & we can't get up!

Budget, budget, budget. Until you come up with a written budget, you will continually find yourself in this situation. If you consolidate the debt but don't change your habits, you will end up with a big debt consolidation and just as much credit card debt. Refinancing is a bad idea because considering the mess you find yourself in, your interest rate could go up and you are going to add fees because of your refi. Since you have no equity in your home, you won't be able to get a HELOC or home equity loan.

Get yourself on a written budget, roll the high interest rate credit cards into lower interest rate cards, and get those debts paid off. Don't borrow any more money or you will just be spinning your wheels.

If you have $1000-1500 in an emergency fund that you only use for emergencies, this whole process will go much quicker. The problem with people trying to pay off debt is that they often times forget to set aside an emergency fund. When an emergency pops up, they have to borrow more money which bogs down the whole process.

Do balance transfers to lower rate cards. I just saw one for 4.99 until the balance is paid off, that is pretty good.
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Total of 23k at 22% & 26 % credit card will take you 30 years to pay if you pay only the mininum. Open two credit card with 8-11% rates and transfer the balances and don't charge anymore until you payoff the balances. Spend less and less good times otherwise you'r on your way to bunkrupcy
Credit card debt is an inevitable reality for most of us. Unless born with a silver spoon in the mouth, we find it pretty much difficult to keep up with the credit card repayment schedule, and the result is a good hefty credit card debt. Things go worse if the credit card debt is attracting high interest rates and causing further burden. Paying the monthly minimum is one of the options which we all find shelter in and this makes things even more disastrous. Is there a way out? Definitely yes. If you haven't already heard of credit card balance transfers, read on.

Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.

Balance transfer has some good advantages let us look at a few of them.

Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.

Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period. Read more from: http://www.credit-card-gallery.com/credi...