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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Home Equity Loans |
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My husband makes good money, but is a poor manager. Meanwhile,
I'm struggling to stay current and getting nowhere on eliminating my credit card
debt. I have sufficient equity in my home to take out a second mortgage and get
these cards paid off in about 2 years. Should I do this I'm at my wits end and
really need some advice fast.
Pat
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Dear Pat,
You are
the only ones that can determine whether or not an equity loan is the answer to
your problems. Because your husband is a “poor manager,” I am inclined to think
that it’s not. It is important to remember that you can’t borrow your way out of
debt.
A home equity loan can decrease your monthly payments, but it
cannot prevent the problems from happening again—only you and your husband can
do that. If you take out the loan be sure that you are both willing to make a
lifestyle change and commit to using credit wisely. If you do not do this, you
may end up twice as in debt as when you started. Also, you must be sure you are
able to make your home equity loan payments on time and as agreed. You are not
just risking your credit report; you’re risking your
home.
Susan
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
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