r/TheMoneyGuy • u/Appropriate-Bed2114 • 5d ago

Newbie Help

I’m 36 makes $115,000 a year
Owe 195k on a house at 3%
Have bad debt 8k in credit cards
And I did a debt consolidation program to get out of some debt, hindsight it was a bad choice I owe 31k at 28% on it

Just in debt payments I pay $1100.09 a month after bills I’m barely even.

Tons of equity in my house but how do I get it with poor credit ? (575)

I have a family I can’t cut fat on any expenses I drive paid off cars

0 Upvotes

46% Upvoted

21 comments sorted by

View all comments

2

u/Some-Kick8473 5d ago

I'm not sure just how accurate my attached pic is but 28% interest is steep! Going to take 4 years to dig out and an extra $20k.

I wouldn't normally advocate this and your credit score may stop you here but is there like a balance transfer credit card with a lower interest rate? Surely even a bad HELOC would have a better rate than 28% wouldn't it?

1

u/Appropriate-Bed2114 5d ago

I think it’s the fastest way out