Home Equity Loan

Must We Borrow On Our Home To Spend Off Credit card debt?





Must We Borrow On Our Home To Spend Off Credit card debt?

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15 comments

  1. What did these dummies do before dave Ramsey 🤔

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  2. The idea of rolling high interest debt into a "low" interest mortgage can seem like a good one especially when most people feel like they'll pay their mortgage off slowly over time making the debt seem more manageable. The bigger problem is most people will not change the bad money habits that got them into so much debt in the first place and eventually the "rolled over" debt will just be replaced with fresh new debt. The other issue is they will probably take out more money than is actually need from the mortgage, adding upwards of an additional $50k to $60k onto their mortgage plus the cost of do the re-fi/re-structure/or whatever you want to call it for an additional $5k to $10k…add the extra interest on top of that for the new 30 year mortgage term = a good $200K (give or take) more on top of the original mortgage term. After all that math…tell me, is it worth it?

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  3. Dave is right they need to look at their past spending before making a decision about getting out off Debt, because this can be repeated over again.

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  4. Shouldn't he have asked if she is upside down in the car? If she owes $21k on the car, but it is only worth $15k, where does she come up with the $6k to buy out of the car? And what do they do for a car thereafter?

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  5. Debt is bad and cash is king. I totally agree with him. I paid off my mortgage at the age of 37 and I am so debt free and feel free to buy what I want and take the vacation I want to take……..Hope everyone should do the same.

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  6. I know enough about Ramsey’s system to know that the reason for not borrowing against the Home to pay off the cards is that the debt is more likely to stay around for longer and most likely the cards will get used again.
    But still, common sense says that if this lady owes $40k on high interest credit cards, it’s going to take her at least a couple of years to pay them off. It would be ridiculous to pay 10-20% on that for 2 years if she can get a loan secured on her house for 4%. It could cost her $10k+ in extra interest, and will take her longer to get out of debt.

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  7. Using debt to pay off debt. Yikes. I feel better about my situation.

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  8. Not sure if she knows what debt is. “Can I get out of debt with this other pile of debt?” No.

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  9. My prediction ?
    She will not sell the car
    Think about this :
    The one BIGGEST expense is nonexistent (mortgage)
    And they still can't afford their lifestyle ?
    They each need extra jobs, eat only what you cook at home.
    This way, they will be so BUSY, too busy to be wasteful

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  10. I haven't watched it yet…. I'm thinking he says no.

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  11. Doesn't Dave Ramsey have about 10,000 videos on this. You can't pay off debt with debt. It doesn't work.

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  12. I'd never put my house in debt! Although since I make so little, I have thought about it just to pay an electrician if necessary….praying I can save enough before any crisis happens…and yes, it is safe for now!

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  13. Borrow on the house and invest in crypto currency!!

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  14. “You’ve got to be frickin kidding me” – In Dave’s voice

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  15. Going into debt to pay off more debt doesn’t seem to make any sense to me 🤔

    Reply

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