Debt Consolidation (Wallingford, CT)?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
If those debts are marital "assets" then you hsould have rec'd money to pay half of them off. If you can sell your home for
enough to pay off all the debt and move into a condo, that
would be a wise decision.
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Debt Consolidation (Wallingford, CT)?You don't need longer periods to pay back your loans. Every loan you now have will take 4 years or more just to pay the principal. With interest, you'll be paying on your credit cards for at least 10 years each, if you never charge another thing on any credit card. I don't know your income and expenses, but it seems that you need to go on a very strict budget, dispose of your credit cards, and work on paying them off as soon as possible. As for re-financing your home, I would recommend that only if you can pull out enough cash to pay all your other bills in full without increasing your mortgage payments. If you do this, you MUST destroy all your credit cards so you don't get back in this same situation, save the approximately $425 monthly you are now paying on consumer debt, and only pay cash for your future needs. If you can save that $425 monthly, you'll be saving approximately $5000 per year. That will provide you with a nice emergency fund, and soon , you'll be able to pay cash for anything you want to buy. The added advantage of going on a cash basis is that you'll be amazed at how many things you won't buy. It's too easy to use credit. But, it's difficult to justify a purchase if you have to take the money out of your pocket. This is a short attempt to give a complex answer to your question. Hope it helps.
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