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1 Replies Last post: Mar 27, 2009 10:01 AM by tdferrari

Consolidate line of credit and credit card debt

Mar 27, 2009 8:02 AM

Click to view DaleNH's profile Start-up DaleNH 2 posts since
Mar 26, 2009

Just wondering if there are any options to consolidate line of credit debt and credit card debt into one loan. My debt is around $70,000 combines from a line of credit and one credit card. I am a contractor and was out of work for about 3 months a year ago. Due to shoulder surgery. I irresponsibly let my debt get out of hand. I can make solid payments monthly, but it doesn't seem like I am getting anywhere having to pay both debts. Any advise would be appreciated.
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Click to view tdferrari's profile Start-up tdferrari 2 posts since
Jan 17, 2008
1. Re: Consolidate line of credit and credit card debt Mar 27, 2009 10:01 AM
That's what I did back in 92. I needed to buy a car and the bank wanted collateral. I paid off all my credit cards, the $800 I owed on my home, and financed my car with my line of credit so I would only have one payment. I am sure the financial advisers would not suggest this as this is risky. If you can't afford the payment, you stand the chance of losing your home.
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