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New Visitor
Posts: 1
Registered: ‎06-03-2008

Consolidating Credit Card Balances

Need some expert advice.  My thoughts are:  Since I have no mortgage (Yeah !!)  I was thinking of doing a home equity loan so that I could pay off the credit card debt and my son's school loans.
The interest rate is around 6 %. 
Would this the right thing to do?  Should I keep the credit cards open but with 0 balances?
Epic Contributor
Posts: 28,036
Registered: ‎10-23-2007

Re: Consolidating Credit Card Balances

I might pay the credit cards and personal student loans but NOT federal and stafford student loans as these should be less than 6% and can be deffered, extended, etc. etc. and don't count in your util if I'm not mistaken
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