I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

I have $60k in credit card debt @ 8.99% ave apr, should i refi or home loan to get out of debt faster?

we pay about 1500/month toward 6 cards but only pay a little above minimum for each. some cards have 3.99% or less intro rates. getting conflicting answers from brokers and family. any suggestions?

we pay about 1500/month toward 6 cards but only pay a little above minimum for each. some cards have 3.99% or less intro rates. getting conflicting answers from brokers and family. amortization tables show payoffs within 4-5 yrs for either home loans or paying $1500/month to cc. any suggestions which is better option? home loan with bank fees but tax break or no tax break with cards but no other start up fees.

The Answer : Let me guess....Over the past years you have been getting credit cards and rolling the balances over to them. Then you run up the other cards, get another card and roll over.....Am I close?Now you are looking at a home equity loan or a complete refinance. I'm not preaching to you. I've heard this story over and over. Let me jump to the ending of this story.....you will be filing bankruptcy in another year.

I know this because in the past 5 years this very thing has happened to thousands of other people. I've seen it. I've tried to help many people out of this.The only difference with you is your credit card rates are great! Assuming they all average about 9% as you say. Most people in your spot are paying over 20%.In your case, I don't really think refinancing is going to benefit you that much. Contact a mortgage broker, or a company that does these loans like Countrywide.

But I think you will find the numbers are not going to work.Right now, your choice is either a 10 year drastic budget, paying off as much as this as you can. If you file bankruptcy I suspect you won't qualify for a chapter 7, so you will still be forced on to a serious budget....but only for 3-5 years. Your credit will be shot, but you will at least be out of debt.I simply don't have enough details to comment further...good luck to you.