Posted on
November 26, 2009
at
2:57 am
Hi everyone! I've been browsing areound here and I just want to ask--- what is the best way to pay off multiple credit cards? thankfully my income is enough to pay these all off but I'm wondering what's the best course of action to be done..Thanks in advance for your response!
Posted on
November 26, 2009
at
3:02 am
Hi Shacklefree, welcome to the forum.The best way to pay off multiple credit cards depends on your current financial situation and debt amount. From the looks of it you're on your way to improving your financial status. Could you tell us more about your current debt amount so we can suggest the best course of action for you current situation?
Posted on
November 26, 2009
at
3:13 am
Just so you know: getting a loan to pay off another loan is NOT the best way to pay off multiple credit cards. Whether it's a payday loan, home equity loan, zero interest balance transfer-- forget it. It doesn't offer you the help that you need, because you're still going to be paying for yet another set of fees and interest charges on top of the debts that you currently owe.If you want the best course of action, I would suggest consolidating your debts but definitely not thru what I mentioned above.
Posted on
November 26, 2009
at
4:36 am
Adding on what caffeinatrix said on what is not the best way to pay off multiple credit cards...Getting a secured loan also increases your chances of losing the property you've put up as collateral, especially in th event that you are not able to make payments on that particular loan. In the case of a home equity loan, it is also not a guarantee that you will receive 100% of your home's current equity, since your mortgage lender takes a number of matters into consideration.
Posted on
November 26, 2009
at
4:41 am
how much will i get, then? and what are the factors that they consider?
Posted on
November 26, 2009
at
5:10 am
Around 50-80% of the current equity.They take into consideration your current salary, expenses, and credit report information, if I am not mistaken.
Posted on
November 26, 2009
at
11:53 pm
The best way to pay off multiple credit cards, as mentioned by Cheetos Lover, depends on whatever financial state and situation you are currently in. If you have a debt amount of at least $10,000 and these accounts are in delinquent status, the best way to go would be thru debt settlement.If the debt amount is lower than that and you wish to have your interest rates reduced, your best way to go would be thru credit counseling.
