Any smart with money folks out there?

[YY1]

Write a budget.

Allocate a significant portion of your income to go towards the CC.

Write a budget.

Absolutely RESIST using the CC for anything you can't pay off that month.

Write a budget.

Limit your spending to absolute necessities.

Write a budget.

If you had more time left on the loan, I would have advised considering a home equity loan or line of credit.
That still may be an option. Talk to your bank.

Unfortunately, given your financial history and current situation, it sounds to me like you may be setting yourself up to lose your house.

Write a budget (get the hint?). It's unspeakably important to know exactly how much is coming in and how much is going out (and when).

When you are done paying off the CC, use that portion of your income (or a significant similar amount) to fund a "just in case" pile of cash/separate bank account.

 

[451Mopar]

Don't ask me, I have old Mopars.

 

[Garceau]

I've seen it a few times that interest rates arent "favorable" or are "high" compared to a few years ago - very high. Compared to just about most of history - they are still below what were being paid in the 70s and 80s.

Regardless - a refinance even at the "current" rates is probably still considerably less interest than you are paying on the CCs.

tough decision - only you really know whats best for ya, and in a few years only you will know if it worked out for ya. Make that decision with as much info as you can, and then - move on and do what ya can to pay it off a little quicker.

 

[BeepBeepRR]

I am having to take a long hard look at it. You guys are helping with food for thought. I appreciate any input. It is a hard decision to make either way.

 

[Dennis H]

Everything is rosy compared to the Carter years. Your home is not your bank. It’s a place to live.

 

[cr8crshr]

And most importantly, placing "NEEDS" over "WANTS." When "WANTS" overtake one's "NEEDS", that is when and where most continually get into the direst of financial situations because they only react impulsively. DAMHIK but I do!!! Because I lived in that realm for a long time before I got smart and realized you cannot spend 3.00 when you only bring in 1.00. Simple as all get out. Now have $$$ in the credit union, cash in the pocket, and amassed a large amount of Silver Bullion and most importantly...LEAD!!!...cr8crshr/Bill

 

[chargervert]

Says the guy with three quarters of a million dollars worth of cars.

It's a sickness, and you have it too! Maybe it's something in the water!

 

[451Mopar]

With the electrify everything, copper has almost doubled in price since 2020.

 

[Richard Cranium]

It's a sickness, and you have it too! Maybe it's something in the water!

But I'm only 1/4 as sick as you.

 

[padam]

Don’t put your house on the line for unsecured ( credit card debt).

Sell the truck, buy a $1500 vehicle.

Get another job.

 

[padam]

Oh, and thanks a lot Brandon.

 

[chargervert]

Don’t put your house on the line for unsecured ( credit card debt).

Sell the truck, buy a $1500 vehicle.

Get another job.

George Thorogood said it best,when he said, get a haircut and get a real job!

 

[chargervert]

But I'm only 1/4 as sick as you.

You are gaining on me!

 

[kiwigtx]

 

[1967coronet]

BeepBeep, this may have been posted but you have to take into account the loan generation fees on the refinance.
Depending on the lender this can really add to the overall cost.
That and the interest rates at this time.
Only one way out of a hole and that's to stop digging. My grandad always told me it is impossible to barrow you way out of debt.
My 2cents , I wouldn't touch that home loan. Your close to the end.
If work is slow in your field grab a different job, hell stock shelves at night.
Delivery van / truck , anything to earn more income . Then apply all of it towards your cc card debt 1st, then the truck ect.
If had not done this myself in my life I wouldn't toss it out there.
It does work.
Best of luck to you man, you can get this done.

 

[Davefinan]

Whatever you do, #1 priority is pay off the credit cards first. Making a minimal payment on what is probably 15-25% interest is like rowing a boat up a waterfall. Do not be concerned about adding debt on your house to do this. Interest rates are not at historic lows anymore, but they are way less than credit card interest.

I was reading through and waiting for someone to say this. Agree 100 percent. Equity loan , pay off cards . You have a lot of equity in your home. My two cents