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Should I get a mortgage to clear my credit cards?
amianidiot
Posts: 1 Newbie
Hi. I've a large amount of money on credit cards (about 50k), but I don't have a mortgage. Should I take a mortgage to clear the cards? The difference in monthly payments should be huge. I know I'd be moving from unsecured to secured debt but I really can't see any other downside. Thoughts please. Thanks.
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Comments
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I take it you own your own house which is mortgage free, and you have an income to support a mortgage of 50k?
I'd advise posting on the Debt Free Wannabee forums for help - you can post a Statement of Affairs and get help in tackling your debt.0 -
No. See CCCS about a debt plan. Having no roof over your head is worse than a damaged credit history.
You need to address the source of the debt. Not create wiggle room to add to it.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Should I get a mortgage to clear my credit cards?
Can I get a mortgage may be a better phrase.
Ideally you need to tackle the root cause of the problem. So a visit to the DFW board is the best place to start.0 -
The problem would be, even if you could get a mortgage, not spending again on the credit cards. So many people "consolidate" their loans, saying I will never do that again, only to find themselves in an even worse position than before.
If you can afford to pay the cards then pay them as much as you can as quickly as you can. It is cheaper in the long run.LBM-2003ish
Owed £61k and £60ish mortgage
2010 owe £00.00 and £20K mortgage:D
2011 £9000 mortgage0
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