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Welcome to SportTrac.Org
Off Topic Discussion
Any opinions on dept consolidation companies?
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<blockquote data-quote="Richard L" data-source="post: 791940" data-attributes="member: 52972"><p>Let me emphasise that it is not a good idea to cash in a 401K or get an equity morgage on your home to pay off Credit Card debts. Those items are already protected by bankruptcy laws and you don't want to loose your home over credit card debt that they can't collect on anyway.</p><p></p><p></p><p></p><p>If you are fairly young, you will have plenty of time to rebuild your credit after a bankrupcy or even if you don't settle with the credit card companies (settleing will make it much easier)</p><p></p><p></p><p></p><p>If you are older, you don't want to start heading towards retirement with all that debt and no 401K, or IRA, and owing on an equity loan on your home. You are setting yourself up to be old an homeless. So even if you don't settle with the credit card companies and your credit is damaged, you can probably live out the rest of your life without needing credit anyway.</p><p></p><p></p><p></p><p>I have just recently payed off 2 gas credit cards and close those accounts, and I will pay off my last gas credit card within the next month and may keep that one open, only for emergencies. I will put all my gas purchases on either my Debit card or my American Express.. Not having to pay the interest on the gas credit cards is like getting gas for about 25 cents per gallon cheaper :lol::lol:</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 791940, member: 52972"] Let me emphasise that it is not a good idea to cash in a 401K or get an equity morgage on your home to pay off Credit Card debts. Those items are already protected by bankruptcy laws and you don't want to loose your home over credit card debt that they can't collect on anyway. If you are fairly young, you will have plenty of time to rebuild your credit after a bankrupcy or even if you don't settle with the credit card companies (settleing will make it much easier) If you are older, you don't want to start heading towards retirement with all that debt and no 401K, or IRA, and owing on an equity loan on your home. You are setting yourself up to be old an homeless. So even if you don't settle with the credit card companies and your credit is damaged, you can probably live out the rest of your life without needing credit anyway. I have just recently payed off 2 gas credit cards and close those accounts, and I will pay off my last gas credit card within the next month and may keep that one open, only for emergencies. I will put all my gas purchases on either my Debit card or my American Express.. Not having to pay the interest on the gas credit cards is like getting gas for about 25 cents per gallon cheaper :lol::lol: ...Rich [/QUOTE]
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Welcome to SportTrac.Org
Off Topic Discussion
Any opinions on dept consolidation companies?
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