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Digg| Monday, 09 April 2007 | |
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If you must carry debt, the "best" debt to carry is home equity loan. The rates are lower than credit cards or store credit, you can often deduct the interest and the payment terms are flexible. The key is to get a FIXED rate loan while the rates are at historical lows as they are now. Eloan is a great place to start looking for a loan to replace your existing debt. They keyword here is "replace" Once you take out any loan against the roof over your heads, you should payoff all other debts including your car loans and cancel all your credit cards. The worst thing you can do if you are in debt is to payoff a card only to tap it out 3 months later. |
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