Question: is to get the debt switched to a lower interest rate, and preferably one that’s fixed. > Folded into his home mortgage, it’d also become tax deductible. > But I hesitate to advise that, because for so many people it’s so easy to start running > a balance on those cards again.

Unlikey that he’d do that since those were special circumstances when he did that.

> BTW, Grandpappy must not have been a successful farmer, or anybody who used the bank’s > money to start up a successful business.

Yep, stupid approach.

> You actually *can* borrow your way to prosperity,

Yep, the rich who didnt inherit it mostly did it that way.

> or at least there was a> time in the past when you could.

You still can, and the absolute vast bulk of business startups do it that way

Answer: In Grandpappy’s day, if you borrowed (and it wasn’t from a friend or relative), you went down to the bank in your best clothes, talked to the loan officer, and they either gave you a loan or they didn’t. I don’t think debt’s a good thing, but the relevance of lending practices back then to the big range of options available today is of limited usefulness.

Clearly the best strategy for the OP–IF HE CAN CHANGE the underlying circumstances that led to $25K in credit card debt–is to get the debt switched to a lower interest rate, and preferably one that’s fixed. Folded into his home mortgage, it’d also become tax deductible.

But I hesitate to advise that, because for so many people it’s so easy to start running a balance on those cards again.

BTW, Grandpappy must not have been a successful farmer, or anybody who used the bank’s money to start up a successful business. You actually *can* borrow your way to prosperity, or at least there was a time in the past when you could.

He was just plain wrong there too. Most obviously with the new loan at a significantly lower interest rate because its a loan secured against your house instead of credit card interest rates.

> My advice: Get a second job for a year or three. It will be a rough > couple of years but at the end of it all, you’ll be damned glad ya did it.

No need in his situation where he has a much better income than he had when the debt was run up

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