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Posted by landmarker (My Page) on
Thu, Oct 17, 02 at 12:18

blincon, maybe you (and others) misunderstood. I don't recommend that people have 20K in credit card debt. I just made the number up. What I am saying is that it's dangerous to use home equity to pay it off if you are the type of person who will just end up back where you started.

Follow-Up Postings:

RE: refinance


RE: refinance

Oops, I somehow posted this as a separate topic instead of a reply sorry.

RE: refinance

I understand. I didn't take it to mean that you approve, but that your experience is that that amount doesn't bother most people. It should.

I agree that using home equity to pay off a debt like that is a loser deal, particularly if their habits led them to accumulate so much. I've seen friends roll car debt into the next auto loan and dig themselves in deeper each time. They never keep the car as long as the loan period. It's too bad most school systems don't teach economic opportunity courses.

RE: refinance

Something over 6 years ago I bought a small 7 year old car with just under 90,000 on the odometer for $2,700.

For which I paid cash.

I've had it for nearly 7 years, put about 90,000 more miles on it, had some repairs - maybe as much as original cost? Or less? Not an inordinate amount.

For which I've paid cash.

If I'd borrowed to pay for the car, the interest would not be deductible.

But - when I borrow to invest, the interest is usually deductible.

I like that deal better.

No one cares as much about your money as you.

Good wishes for wise financial management, all.

ole joyful

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