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When refinancing should you pay off credit card debt?

  • May 24 2009 - Mobile
  • 0Yes

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Answers (4)

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Might be a good time to check out this Washington Post article on the new credit card legislation, parents, and managing family finances. http://ow.ly/atjM
  • June 01 2009
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It is definitely looking at the whole scenario to better answer that question.  How much credit card debt is it vs. how much equity do you currently have. 
  • May 24 2009
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More info would be helpful.
If this is enough debt, that it is hard to pay, then you probably should, if you can. If you're just talking about a couple of little balances, you carry out of convenience, and you could buckle down, and pay them off in a year or so, if you tried, then no.

Now if you happen to be in financial trouble, you probably can't refi to pay them off. In that case you should probably not refi to pay off debt that will eventually need to be reused,to keep you afloat. A full analysis of your question would require more info. about your income, debt levels, property value, and current lien balance(s).

But generally, yes if you can, and need to, to get in a comfy, sustainable, place. No, if you could pay debt elsewise, or are trying to save a sinking ship.
  • May 24 2009
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That depends on a lot of variables.  Send an email to mkirsch@peopleshomeequity.com or call 757-285-6040.  He's an expert on this.

Let him know that Julie Moore sent you.

Thanks!
  • May 24 2009
  • 0Yes

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