I have been recieving offers in the mail to borrow up to 125% of my home's value to pay off bills, take a vacation, etc... I am kinda perplexed(sp?) by these offers. It is not the first time I have seen these offers, I recieved them regularly living in my apartment-LOL, no equity needed. So here is my question:Is there a no-equity or 125% loan that is worth it if I am looking for a lower monthly payment and one bill? Any without prepayment penalties?I have about 18k in CC on two cards. I called one CC with a 11k balance and got them to lower the rate to 12.99% - but MBNA bought their CC accounts so I don't know what is going to happen to that rate. The other has 7k and a rate that will change to 17.99 in Sept. I can make my monthly payments but I am not making a whole lot of headway. I do realize that I would be just paying for it longer over time if I went with a 125% loan. Should I consider a no equity loan if there is a good one out there or just keep searching for a lower interest rate CC who will take both my balances? I did miss some CC payments back in 1995, but I haven't missed one since. The LAST thing you will want to do is trade your house in for unsecured debt. Since you are currently able to make your payments, just keep chugging away at them. The key is to STOP CHARGING on them. This is a key factor. By the way....CONGRATS on getting the rates lowered! That just saved you a ton of money!!!! Just wait for the balance transfers to start rolling in -- that will help you a great deal in lowering your debt.Kim
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