No. of Recommendations: 0
Ms Joe - it depends. As I've stated before, I don't like home equity loans. Now, a loan that doesn't put a lien against your house at least saves you if you have to move, or God-forbid, can't pay that debt. However, the consolidation loans I've seen advertised carried a high interest rate. Unless you get a lower interest rate than that on your cards, you get no advantage. Also, the psycological factor is still there, you may get the false feeling that your debts are paid, and you can end up running your cards back into high figures.

George


Thank you again, George.

I do not own a home. I could kick myself to the moon for all the money that has very foolishly passed through my hands in the past ten years. I have two CC accounts that I am paying off. Only one of them is an open account. Now that I am unemployed I will have time to write letters to my remaining open zero balance CC accounts asking that the accounts be closed. I read advice (fairly sure it was on this board) to close superfluous open CC accounts wait a couple months and then apply for a low interest rate CC. I applied for a First USA platinum, but was declined for having too much credit. Most at zero balance and not used in four years, but it's there. I'm sure that the company that's offering to consolidate my debt for me will do so at an outrageous rate. So I'll go with the low rate card instead.

Ms Joe
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