Author Topic: Best way to refi debt  (Read 2892 times)

mindaugas

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Best way to refi debt
« on: May 23, 2013, 04:30:25 PM »
Wondering what recommendations are out there to refi high interest debt.
Credit score is 700 | 720 | 740 -- so a mean of 720?
$5k in CC debt (18% int)
$9k in auto debt (8% int)

I was thinking lending club if I could get an interest rate below 8% or I guess a bank/CU.

Oh, own a home as well so we also thought of a HELOC, but we're also thinking of selling and we have FHA. Not sure if FHA and heloc mix.

Another Reader

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Re: Best way to refi debt
« Reply #1 on: May 23, 2013, 05:08:27 PM »
1. Look for some zero percent balance transfers on the credit cards.  2. Check your local credit unions to see if they will refinance the car.  3. Run around as if your hair was on fire and pay these loans off, whether or not you can improve the interest rates.

MountainFlower

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Re: Best way to refi debt
« Reply #2 on: May 23, 2013, 08:58:28 PM »
I sent you a PM with a local contact. 

brewer12345

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Re: Best way to refi debt
« Reply #3 on: May 24, 2013, 11:34:22 AM »
I would try www.penfed.org for refinancing the car loan.  Their rates are low and their underwriting tends to be liberal for car loans.

aj_yooper

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Re: Best way to refi debt
« Reply #4 on: May 26, 2013, 11:49:39 AM »
MMM would say:  “AAAAAUUUUUUGGGHHHH!!!! THERE IS A CLOUD OF KILLER BEES COVERING EVERY SQUARE INCH OF MY BODY AND STINGING ME CONSTANTLY!!!! I NEED TO STOP IT BEFORE I AM KILLED!!!”  You are paying $900 interest per year for the cc charges. 

The best way to re-finance debt is to bring the debt charges to zero.  The best and most fulfilling way to do that is to cut all spending on non-essential budget items and  to pay back the credit card companies now.  Get more frugal.  Find a way to kill the debt.  You have a good credit score so you are a responsible debt payer, but can you become a more responsible budgeter? 


mindaugas

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Re: Best way to refi debt
« Reply #5 on: May 27, 2013, 09:13:31 AM »
MMM would say:  “AAAAAUUUUUUGGGHHHH!!!! THERE IS A CLOUD OF KILLER BEES COVERING EVERY SQUARE INCH OF MY BODY AND STINGING ME CONSTANTLY!!!! I NEED TO STOP IT BEFORE I AM KILLED!!!”  You are paying $900 interest per year for the cc charges. 

The best way to re-finance debt is to bring the debt charges to zero.  The best and most fulfilling way to do that is to cut all spending on non-essential budget items and  to pay back the credit card companies now.  Get more frugal.  Find a way to kill the debt.  You have a good credit score so you are a responsible debt payer, but can you become a more responsible budgeter?

Agreed. We had $9k saved (in only 7 months thanks to MMM) and we're about to hit the button on paying a high interest auto loan (I didn't mention) and the CC, however we got hit with a very hefty home repair bill. Still have enough to pay off the auto loan that has the same interest as the CC and of course CC is priority #1 after that.

With that said we've reverted back in some ways. I've been eating lunch more often with the guys at work and we spend too much at the grocery store.