Question: Hello all. I am wanting to consolidate my credit card debt and was wondering what your suggestions were as to how to go about it. I am looking to consolidate about $25K in balances primarily for the convience of writing one check a month and having a definitive goal to look forward to. I am not in a money crunch but obviously the saved money would help. The interest on one card is relatively high (around 18%) and the other is average (9%). I have been turned down for an increase in my credit line to cover the amount of consolidation of the other card. I currently pay between $500-600 toward my debt each month and am fairly comfortable with that amount.

I guess my ‘problem’ is that my only equity exists in a rental home that I own in my hometown. I purchased the house for myself but then was transferred with my job about 6 months later. That and the fact that I have only fair credit.

With the income from my rental property, I earn approximately $45,000 per year. The value of the home is approximately $55,000 and I owe about $20,000 on the note.

Since I am not in a financial pinch or in trouble with my creditors, would approching an organization like Ameridebt or Consumer Credit Counselors advisable? I have not done a lot of research into home equity loans, but I understand that given that the property is longer my primary residence and my credit is only fair, that being approved for a loan is unlikely.

Look forward to your responses.

Answer: Where have you been all these years? Glad to see that the rumors of your death were exaggerated….

I get fliers in the mail all the time advertising balance transfers, sometimes at very low interest (like 2%). Look into one of those.

I think a home equity loan would be a bad idea. You’ve almost got your house paid off. Wish I were in your position there. Pay down your credit card debt first, and put any extra into the house.

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