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We have over 42,000 in credit card debt on 6 cards. I made a plan up with Quicken to get out of debt within 5 years. Would it be better to take a home equity loan, although we may not have enough equity in the house we have been paying for ten years and still owe over 45,000 on it.
My highest rate card is Sears with interest rate, and they only want 25.00 a month, with over 3,000 charged on it. Discover has a interest rate of 16.99 and refuse to lower it. Would it be safer just to get it paid off in 5 years, then add the money I been paying to the cards to the house and get the mortage paid off in 2 more years.
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We have over 42,000 in credit card debt on 6 cards. I made a plan up with Quicken to get out of debt within 5 years. Would it be better to take a home equity loan, although we may not have enough equity in the house we have been paying for ten years and still owe over 45,000 on it.
My highest rate card is Sears with interest rate, and they only want 25.00 a month, with over 3,000 charged on it. Discover has a interest rate of 16.99 and refuse to lower it. Would it be safer just to get it paid off in 5 years, then add the money I been paying to the cards to the house and get the mortage paid off in 2 more years.


I would not transfer the debt to a HEL

1. You are trading unsecure debt to the security of you home.

2. If you have some unforseen trouble in the future you can stop paying on the cards and not loose your house (OK I would definitly not recomend this)

3. I have done this twice (OK So I am a slow learner) and am back in CC Debt again.

Also, ignore Sears minimum payment and send in at least a few $$ more than the minimum. They are horrible for not asking you to pay at least the interest each month. I would also throw every extra pay to them to get them gone. Then start working on the other cards.
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We have over 42,000 in credit card debt on 6 cards. I made a plan up with Quicken to get out of debt within 5 years. Would it be better to take a home equity loan, although we may not have enough equity in the house we have been paying for ten years and still owe over 45,000 on it.
My highest rate card is Sears with interest rate, and they only want 25.00 a month, with over 3,000 charged on it. Discover has a interest rate of 16.99 and refuse to lower it. Would it be safer just to get it paid off in 5 years, then add the money I been paying to the cards to the house and get the mortage paid off in 2 more years.


Hi Teresa,

The problem with taking a home equity loan is that you're trading unsecured debt for secured debt, and essentially putting your home at risk. There's also the danger of having that loan and then running up the charge cards again--that's been known to happen.

Is the household income high enough to use other strategies to address the debts? Is a 2nd job a possibility?

Tony
...but I still am...

Off2Aruba

Have questions about saving, spending and investing? Get the answers in The Motley Fool Money Guide!!
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Already have a second job, which pays for part of car insurance, at 265.00 a month, to keep that off the credit cards.(have a teenage driver).
We'll probably stick with the Quicken plan, was thinking of all the interest paying to those cards in 5 years, thought a home equity loan wouldnt have as must interest to pay.
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2. If you have some unforseen trouble in the future you can stop paying on the cards and not loose your house (OK I would definitly not recomend this)
*****
I don't recommend it either, but I agree. If you miss a few CC payments, all they can do to you is jack up your rates and scribble nasty things on your credit report. If you miss a few HEL payments, they can take your house away from you.

Nasty scribbles get erased after a few years, and high rates can be lowered after a few months of good behaviour (in fact, Chase does this automatically, I've found). Compare this to having to box up all your worldly goods, find an apartment, move all your worldly goods into said apartment, possibly have to rent a storage unit for the overflow...and of course attempt to find another house in the future - most likely at a higher price, too - with a case of bad "house credit" on your permanent record.

I'm not saying don't ever do it. There may come a time in your life when it really is your best option. Just don't ever do it unless you're absotively posilutely 100% gosh-darned certain you're not gonna dig yourself back into a hole with the credit cards. 'Cause then your debt just doubled. And if it's hard to pay back now, just imagine having to pay back twice as much.

I'm actually starting to see why Texas was such a holdout on allowing banks to extend HEL's. Though maybe I should be happy. I'd like to be a homeowner in the next ten years, and I'll bet those repossessed houses get sold at a discount. ;)

- Kilbia
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Hate to sound like the crotchety old man, but is there a monthly budget set up and do you have an emergency fund of at least $1000?

Fred
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I've mentioned this in the past but I'll say it again: I think it's misleading to imply that a home is placed at risk by a home equity loan but not by unsecured debt. It may be true that a few states have generous homestead exemptions. However, in most states I believe that unsecured creditors can proceed against a house (assuming equity is available) in the same manner as other property.

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Perhaps the teenage driver could help with the increased cost of insuring the car, if he/she is not doing so already.
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Perhaps the teenage driver could help with the increased cost of insuring the car, if he/she is not doing so already.

When at age 17 I just HAD to have a car, my dad said "fine, but you have to pay for it, you have to pay for maintenance/repairs, you have to pay for gas, and you have to pay insurance." I think its a very good lesson for teens to learn how expensive it is to own a car.
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When at age 17 I just HAD to have a car, my dad said "fine, but you have to pay for it, you have to pay for maintenance/repairs, you have to pay for gas, and you have to pay insurance." I think its a very good lesson for teens to learn how expensive it is to own a car.

Me, too. Except that as a B-day present, my step-father did pay the first year of insurance. But when the transmission went, I paid for it. When the tire blew, I paid for it. I paid for everything else. And after the first year, I paid for the insurance, too.

Ishtar
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Already have a second job, which pays for part of car insurance, at 265.00 a month, to keep that off the credit cards.(have a teenage driver).


Why isn't the teenage driver paying his/her own insurance?


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>>>>>> at 265.00 a month, to keep that off the credit cards.(have a teenage driver) <<<<<<<<<

This reply many seem a bit harsh BUT:

$265 a month or $3,180 a year for car insurance for you and the kid, you up to your eyeballs in debt and holding down a second job. Sorry to say but, HOLY SH_T BATMAN what were you thinking about, it's either time to tell your teenager to pay or get a good pair of walking shoes. Have her/him get a bicycle for transportion.

If your insurance is 1/3 of the $3,180, think what you can do with an extra $2,000 in paying off you debt. On top of that you're paying an extra monthly charge for the insurance. Everyone is making money, but you.

Burn all credit card except for one.

Best to You.



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<<This reply many seem a bit harsh BUT:

$265 a month or $3,180 a year for car insurance for you and the kid, you up to your eyeballs in debt and holding down a second job. Sorry to say but, HOLY SH_T BATMAN what were you thinking about, it's either time to tell your teenager to pay or get a good pair of walking shoes. Have her/him get a bicycle for transportion.>>

I'm all for being harsh, but let's not forget that one's insurance rates can be boosted just by HAVING a teenager who has a driver's license. I've even heard of cases where they didn't even have a license and the rates went up.

Maybe some insurance shopping might be in order here.

Fred
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He is going to college part time, has a part time job, and only makes enough to pay for his car payment.
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He is going to college part time, has a part time job, and only makes enough to pay for his car payment.

So, he couldn't buy a cheap get from point a to point b car, but had to finance one. Mmmm, ok, I see.

Ishtar
(my first car cost $600 in 1986; my uncle says he still sees that car around town now and then - it was a 1974 Vega, and I LOVED it.)
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<<So, he couldn't buy a cheap get from point a to point b car, but had to finance one. Mmmm, ok, I see.

Ishtar>>

There went my benefit of the doubt, too. If he is old enough to go to college and have a car payment, then he is also old enough to live on his own and have his own insurance. (Hint: if he's out of the house, that should help YOUR insurance)

ANY car that a young male has to make payments on is going to have high rates to go with it.

Fred
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Sounds like a full time job is in order.

In my younger days, I went to college full time, worked a full time job and a part time job. Now, as an old lady of 38, I'm working full time, just took on a part time job, and taking college classes part-time. I'm sure he can handle a full time job and part time school.
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Ishtar
(my first car cost $600 in 1986; my uncle says he still sees that car around town now and then - it was a 1974 Vega, and I LOVED it.)


So! you ARE in a climate where they don't salt the roads in winter. Me too. (why you think ah'm in Texas?)-- cars 1979, 1972, 1980.


joyce

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You should close the credit card accounts and pay cash for everything.
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He is going to college part time, has a part time job, and only makes enough to pay for his car payment.

So, he couldn't buy a cheap get from point a to point b car, but had to finance one. Mmmm, ok, I see.

Ishtar
(my first car cost $600 in 1986; my uncle says he still sees that car around town now and then - it was a 1974 Vega, and I LOVED it.)



Ok, let's see if I can say this. . . nicer.

You are in debt "up to your eyeballs." Your kid is in college, that's good for him. He's working part time, paying some of his bills, that's good for him.

You are supporting him in a way that means that he can live above his means. That's bad for you and for him. Have you read the Millionaire Next Door? Check it out of the library and read the chapter on "economic outpatients."

If you want your kid to live with you, and not have to worry about some things like a roof over his head or food, that's great. But, as much as you can encourage him to do for himself, all the better for you BOTH! If you are in debt up to your eyeballs, and your having trouble making payments, then, maybe, just maybe, you are doing TOO much for him. How far away from retirement are you? Time to start getting a little selfish.

Ishtar
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So! you ARE in a climate where they don't salt the roads in winter. Me too. (why you think ah'm in Texas?)-- cars 1979, 1972, 1980.


LOL!! Yeah, that was Tampa/Clearwater area; I think the salt in the air makes up for not having it on the roads, though! There were a few rusted spots *grin*

Ishtar


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Ah, college students that are making car payments. The conversation with my students usually goes as follows, "You need to spend more time studying." They reply, "But I have to work." Me: "Well, then you need to cut back on your work hours." Them: "But I have to pay for my car." Of course these students are typically driving nicer cars than I am, but they are failing my class. When I was in college I had a toyota corolla that my dad paid $900 for...I drove it until it had well over 200,000 miles on it.

Then I also have students who are single parents, working and going to school full time and are able to manage it with minimal problems...and minimal sleep too.

College students need basic transportation. Actually that is all any of us truly needs. But if he/she has the nicest stuff now what will they expect to have later? The nicest 33k car money can buy and they will be making $750 car payments and not sure how they can pay those credit card bills
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OK, litespeed ... but you ride a bike that costs more than your first car! (c: hee hee. Ok, so do I.

You can check out bicycling fools at http://boards.fool.com/FavoriteBoards.asp

hugs,
tru

... love ti, rides like butter ...
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oops, try this for bicycling fools ... http://boards.fool.com/Messages.asp?mid=15309341&bid=113681

(c:

hugs,
t.
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Tootru,

This is true, but at least the insurance is cheap ;)

Thanks for the link! I didn't know the bicycling board existed.
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OK, litespeed ... but you ride a bike that costs more than your first car!

You guys are killing me !!!

I still ride my brother's 12 year old Raleigh Technium. I was all set to put a $1,600 bike on a credit card a few months ago, but then I had to go and get Foolish. I still have a picture of my dream bike on my computer screen, but now I am going to have to pay cash for one.

I guess it's back to Ebay to look for a bike. :-(

Bret
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Bret,

come to the bicycling board, we'd love to have ya!

And there are many ways to get a bike on the cheap. One of which is to bat your eyes and tell the sales guy/bike mechanic that he's your hero. Ok, maybe not. But try offering a trade for services that your LBS might need.

As for your Raleigh ... well, it's on its way to being a classic. Take care of it!

Hugs,
t.
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<<Ah, college students that are making car payments. The conversation with my students usually goes as follows, "You need to spend more time studying." They reply, "But I have to work." Me: "Well, then you need to cut back on your work hours." Them: "But I have to pay for my car." Of course these students are typically driving nicer cars than I am, >>

Living in NYC, my students don't have cars, but they do pay several hundred a month for charges on their CELL PHONES!!!

Greta
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Callteresa,

I have to vote against the HEL, too many people have too many problems going that route. On the other hand you said you have a plan and that is a great first step. The next step would be to stop using the cards. Cutting them up is often suggested (I keep mine in the freezer - they stay fresher that way)but I wouldn't close the accounts while they still have a balance. Sometimes the CC companies will increase the interest if you do that. It sounded like you might have used the snowball method of paying (Putting as much extra money that you can to one card, then when that one is paid off putting all that money to the next card ect, ect,) because of what you mentioned about putting the money you had been using to pay off the the house. If not search for snowball to find out more about it. Paying off $42,000 in CC debt in five years and your entire morgage in 17 years (total) would really be a great accomplishment!!

Something that has helped me is lurking here and reading old posts to see how other people have done things and to get encouragement when it really seems to go slow and it will sometimes.

The best part though is the Happy Dances! So be sure to come back and post when you get a card paid off, or half a card paid off, or get reduction in interest (Call them back in a month or so)so that we can help celebrate!

Good Luck
the Phantom


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If he is in college part time and only working a part time job and only making enough to cover his car payment, he is on the road to a lifetime of debt. He might as well learn the hard lessons early. Unload the financed car and get something he can afford. So it won't be the coolest thing on campus or in the neighborhood.....tough sh-t.I know that is hard to take, but, you cant afford to keep him in the style to which he wishes to become accostumed too. You need to work on your $42,000 in debt not help him learn how to get into debt.Good luck
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<steps up to the pulpit>

Why is he only going to school part-time and only working part-time? One or the other should be full-time.

<steps down from pulpit>

Kris
(who went to college full-time and worked full-time, while driving a rusty old $400 VW bug)
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>>>>>> He is going to college part time, has a part time job, and only makes enough to pay for his car payment. <<<<<<

Ah, now I have more information to go on. If he has payments, tell him to dump the car. Not only will he have more money to help you out, but his insurance will probably be lower. In terms of debt, this is critical time for him. I used a old motorcycle ($200) to go to college (Calif State University at Los Angeles) and I had a parttime job. I shared a car with my brother who worked full time. I used the money to pay for college and help my folks out (I stayed at home). As I saved up through college, I was able to buy my first used car with cash. It made a big different because when I finished school I had no debts. Since then I have always saved up my money and paid cash for my new cars, rather than get a new car and make payments. So many times what we do expense wise in college can easily affect later in life. Because the money you'll save on the insurance (your son now pays), you can really cut down on your CC debt.

Best to You.
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He is going to college part time, has a part time job, and only makes enough to pay for his car payment.


Not to be harsh, but I go to school part time as a grad student, work full time, AND I have a wife.

He needs to get a job that pays more or take a second job. Tons of people do what I do and MORE, why can't he do the same?

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He is going to college part time, has a part time job, and only makes enough to pay for his car payment.


Not to be harsh, but I go to school part time as a grad student, work full time, AND I have a wife.

He needs to get a job that pays more or take a second job. Tons of people do what I do and MORE, why can't he do the same?


P.S. I agree he should get a car that he can truely afford, like others have stated. He should also being doing at least one full time.
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Well he cann't dump the car, its in our name, he is making payments to us as we traded another car he had in to buy our Santa Fe Hyndai, he is making payments on a Hynai Accent. Yep I know we dont need more debt, I am dedicated to hang in there and be debt free in 5 years.
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"He is going to college part time, has a part time job, and only makes enough to pay for his car payment. "




If he can't afford the insurance in addition to his car payment, he can't afford the car. I know as parents that we want to help our children, but sometimes a reality check is in order.

Everyone that I know that has taken out a second on their home to pay off cc debt has gotten into cc debt again. Everyone. I've heard, "That won't happen to me," or "I've learned my lesson this time..."

To be in cc debt at the level that you are means that you have been living a life that is above what you currently make in income. Cell phones, cable, new cars, new clothes, eating out, etc. all cost extra money. To get out of debt, you will need to tighten your belt and pay it off. I would pay off Sears first, then work on the others.

Often, some of the simple changes that will be a huge savings can be the most difficult decisions to make. Like telling your son that you can't pay his insurance anymore, and maybe he will have to work more or get a more affordable car. I have close friends that had to tell their children that they will be able to help with some college expenses, but that the kids will need to pay their own tuition and room/board if they choose to live away from home. They didn't want to make that decision, but the numbers wouldn't allow any other choice. When I realized that I was in financial doo-doo about 15 years ago, I calculated how much it cost me to smoke cigarettes and quit to save the $1,000+ a year. I increased the deducticles on my car, quit eating out, cancelled cable...you get the idea.

It will take work to pay off the debt. If your son lives at home without paying rent, think of how much you are already helping him. I plan to charge my children rent once they graduate high school unless they are in school full-time. However, I would not subsidize a car for them to drive.

Good luck.

L
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"You should close the credit card accounts and pay cash for everything. "





Never close an account unless it is paid in full unless you want to see your interest rate magically increase beyond belief.


L
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It will take work to pay off the debt. If your son lives at home without paying rent, think of how much you are already helping him. I plan to charge my children rent once they graduate high school unless they are in school full-time. However, I would not subsidize a car for them to drive.

I wasn't going to bring this up, but me, too. I'm going to charge my daughter rent after graduation. If she goes to school, I might drop that, but she will have to help out with some of the household bills. I had to pay the water bill when I graduated; it was only $30/mo, but that wasn't the point. The point was that I was now an adult, and had to help out with the adult expenses.

Ishtar
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Well he cann't dump the car, its in our name, he is making payments to us as we traded another car he had in to buy our Santa Fe Hyndai, he is making payments on
a Hynai Accent. Yep I know we dont need more debt, I am dedicated to hang in there and be debt free in 5 years.


I know it probably seems like people are jumping all over you, but we are just trying to point out a few sacrifices you could make in order to speed up your five year plan a little. Of course, whether you think these sacrifices are worth the pain is up to you. That said, I feel compelled to point out that you are providing your son with financing for his purchase of what I understand to be your (?) old Accent (hey, I drive one of those!). If you wanted to, you could sell the car to an unrelated party, get cash up front, pay off some debt with the proceeds, and maybe even pay your son back for his payments to date on the car (minus your extra insurance costs). He could then save up to buy a clunker.

I second Ishtar's recommendation of the Millionaire Next Door, esp. the chapter on Economic Outpatient Care. It's an eye-opener.

-Repo
(first car, 1994, when I was 24, out of college and working full time, a '72 VW bug. cost: $500, paid in cash, plus gas, maintenance, and insurance)
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Why isn't the teenage driver paying his/her own insurance?

I don't see how any teenager would be able to afford his/her own insurance. The rates are so high for older drivers, even those with good records. But a teenager with a new license--ouch!

Insurance costs are one of my pet peeves. Between the companies working so hard to make huge profits, and the huge cost of insurance fraud (that's really what drives me crazy--dishonesty), the rest of us are caught having to shell out incredible amounts of money.

Tony
...but I still am...

Off2Aruba
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I paid my own insurance. If a kid can't afford to pay the insurance, they don't need to own a car. With ownership comes responsibilities. They need to learn that early on.
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I wasn't going to bring this up, but me, too. I'm going to charge my daughter rent after graduation. If she goes to school, I might drop that, but she will have to help out with some of the household bills. I had to pay the water bill when I graduated; it was only $30/mo, but that wasn't the point. The point was that I was now an adult, and had to help out with the adult expenses.

I guess this could become a hot issue in regards to children living at home chipping into the household.

Personally, I think it's a great idea. When kids are old enough to be working, I think it teaches responsibility to be paying into the household, helping to buy the food, paying their way.

When I was younger and living at home, a portion of what I made went to to my parents to help out. At the time it was money that really helped them out, and I was happy to be doing my share.

Tony
...but I still am...

Off2Aruba

Have questions about saving, spending and investing? Get the answers in The Motley Fool Money Guide!!
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Son has a learning disablity can only handle one class at a time, and work part time.
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I diasagree with a lot of the opinions on this thread. One, it is great if this kid can have a part itme job and go to school at the same time. But, you cannot expect EVERY kid to work 1 1/2 jobs during school AND have stellar grades. This is a trade off for a lot of parents and it is their complete right to work this out with hium on their own terms.


Perhaps the kid did finance his car on his own so maybe it is time for the parents to explain that this was "his" financial decision and so is the ensuing insurance payment. Trade-in or work more but not at the expense of his grades. This point should be emphasized!!! Life is a compromise as is this situation. Maybe they can pay for his insurance in exchange for a GPA 3.5 for example.

But let us not go on and on about how "we" worked 3 jobs, eight days a week, full-time, and drove a model T Ford, and had a 4.0 in college, and rebuilt your own engine, b/c it is not what the poster would appreciate hearing. Circumstances are different. Maybe she should be discussing the financial situation with her son and seeing what kind of answers they come up with together. That way he can help her AND he can learn from her financial mistakes.

Mangard
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Yep I know we dont need more debt, I am dedicated to hang in there and be debt free in 5 years.

Teresa,

I was staying out of the college and insurance discussion because it was getting pretty judgemental. I personally paid my own insurance, car, books, tuition and rent when I lived at home, but everybody is different. Besides, the best way to teach your son about finances is by example, not by what you tell him. Get your own house in order first and then you will be in a position to affect your son's habits.

I have to agree with Manguard, if your son's education is that important to you, focus on the other aspects of your lifestyle that have caused the debt problems and start to work from there. The kid's insurance didn't cause this massive amount of debt and cutting him off won't resolve it either. You can always find a way to afford the important things and take care of the debt at the same time.

Good luck with your finances and repeat after me:

The Debt Will be Fixed in 2006 !!!

Bret
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"However, in most states I believe that unsecured creditors can proceed against a house (assuming equity is available) in the same manner as other property."

You know, I'll bet those who chorus against HEL's make a mortgage payment every month. You have to be willing to screw your creditors for it to make a real difference. I don't think I have an entitlement to own a house, or to have equity in it while walking away from debt. That being said, HEL's are only desirable in very rare circumstance.
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Okay, the learning disability provides a totally different perspective on the situation. I must admit that can be tough and i am glad to hear that you are being supportive. Would it be possible for him to get a job on campus to work even a few hours? I know that my student assistant ends up with a lot of study time while she is getting paid. I need her deperately when I need her, but there is definately some dead time that she uses for studying. Plus, he would be on campus and he could potentially get additional help from his instructors. Then whatever additional income, however small, into the debt reduction program.

I understand that you said that you are happy with your 5 year plan, and there is nothing wrong with that. BUT just imagine how delighted you would all be if you didn't have that albatross around your next but 2 or 3 years!!!

Keep in mind that there is a reason we are all on this board! We are all fighting the same battle you are. We all have CC debt that we want to get rid of!

litespeed
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Well it would be nice not to have so long to get out of debt, but we put ourselves there. And I pray we dont loose ours jobs during that time. My husband has a good state job, and I have 2 jobs, one minmium wage full time job and a small part time one. (part time one is only one day a week, throwing newspapers)
We have paid off one account, we had bought a Gateway computer and that apr was sky high. But had charged more on mastercard so mimumim went up so I couldnt use that to snowball with so started new plan. Visa and DPP (credit card with base) should be payed off in 2 years, then I can start my happy dance.
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<<2. If you have some unforseen trouble in the future you can stop paying on the cards and not loose your house (OK I would definitly not recomend this)
*****
I don't recommend it either, but I agree. If you miss a few CC payments, all they can do to you is jack up your rates and scribble nasty things on your credit report. If you miss a few HEL payments, they can take your house away from you.

Nasty scribbles get erased after a few years, and high rates can be lowered after a few months of good behaviour (in fact, Chase does this automatically, I've found). Compare this to having to box up all your worldly goods, find an apartment, move all your worldly goods into said apartment, possibly have to rent a storage unit for the overflow...and of course attempt to find another house in the future - most likely at a higher price, too - with a case of bad "house credit" on your permanent record.

I'm not saying don't ever do it. There may come a time in your life when it really is your best option. Just don't ever do it unless you're absotively posilutely 100% gosh-darned certain you're not gonna dig yourself back into a hole with the credit cards. 'Cause then your debt just doubled. And if it's hard to pay back now, just imagine having to pay back twice as much.

I'm actually starting to see why Texas was such a holdout on allowing banks to extend HEL's. Though maybe I should be happy. I'd like to be a homeowner in the next ten years, and I'll bet those repossessed houses get sold at a discount. ;)

>>




Excellent post. I think you make a convincing case that trading in credit card debt for a home equity line of credit is a move for suckers. While the marketing APPEALS are there (deductible interest, lower interest rates and so on) this is most likely to be the next easy credit move to being moved out of your house by the bank.


In theory it could be useful. The resolute and well disciplined person could find a use for such a debt transfer. But the resolute and well disciplined aren't likely to be in this situation in the first place. In practice, it's for suckers.




Seattle Pioneer



Seattle Pioneer
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<<He is going to college part time, has a part time job, and only makes enough to pay for his car payment. >>


Then he can't afford the car.

Cars are an expensive luxury for most people. If you can't afford it, get rid of it. This is particularly true for teen agers. I'd be tempted to dump the car and advise the kid that he is being charged $X.xx/week in room and board in the future, to be paid out of his earnings. If you want to be really generous, you could settle this negotiation by just dumping them from using the car.


Seattle Pioneer

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Hey Good job on paying of Gateway! I am sure that APR was outrageous!

It does seem that everytime I formulate a plan life happens and I have to tweek the plan again! It makes life more of an adventure that way!!!

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I understand that you said that you are happy with your 5 year plan, and there is nothing wrong with that. BUT just imagine how delighted you would all be if you didn't have that albatross around your next but 2 or 3 years!!!

Litespeed,

Great idea and I didn't even think of it.

Our receptionist was a college student and she took the job so she could get paid and do her homework at the same time. My cousin worked as a security guard through college for the same reason.

Bret
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I paid my own insurance too. When I was 16 and living with the parents, it was pretty high, but I had no other expenses and I worked 20-30 hours a week, full time in the summer. When I went to college, I didn't have a car for the first 2 years. By my junior year, I was 21 and the payments were only $1100/year.

I'm 25 now, and my premium has dropped to $700/year (even though I live in Chicago). I've always owned inexpensive used cars that I could buy with cash, which has something to do with my relatively low premiums. When you're driving a '91 Topaz, you're not high risk. ;)

-Matt
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