Best way to reduce debt?
02-06-2011 01:02 PM
I just got divorced. Marital home was just sold. I got nothing from the proceeds in the agreement. No delinquencies, no dings on my credit but rather high debt to earnings ratio -- carrying around 30K in revolving debt. I assume once my discharged mortgage hits my credit report my score should significantly improve as that and a home equity loan which was also paid off with the proceeds from the sale will be cleared. So what's my best strategy moving forward to clear my remaining debt? I'm hoping my score will mprove enough to get a good 0% transfer to another card for 12-18 months, a time frrame I believe I can discharge my remaining debt in? If I don't qualify should I take a loan against my 401K or try and get a lower % rate personal loan (I am renting so am no longer a home owner)?