Line of Credit?

My BF and I have a lot of debt....roughly $100K and then on top of that, our home. The $100K includes $40,000 in loans and two vehicles. There's say $15,000 in credit cards. I'm looking to consolodate all of that, but don't want to do anything that could damage our credit (our credit is excellent). I wanted to do some sort of line of credit or equity loan, but we just bought our house three months ago and financed 100%. Any suggestions? The reason I'm looking to do this is because we are going to have to pay for our own wedding and would like to have a baby.....

I think the first thing you need to do is take a look at your expenses. You need to make sure that you are not spending more than you are making. If you are, then consolidating your debt will not solve the problem. I hate doing this, but in order to feel like I have given you the best advise, I must ask you to consider trading in your two cars for cheaper used models. There is no reason to have two car payments when you have around $100k in debt not including your mortgage. Now on to your question...

You will not be able to get a HELOC or an equity loan because you do not have any equity built up in your home yet. Even if you did, I would strongly advise against it. You never want to take unsecured debt (CC debt) and change it into secured debt (HELOC or equity loan). You don't want to put your home at risk if you don't have to.

There are still options if you want to consolidate. Do not go to a consolidation company. They will charge you outrageous fees and damage your credit. They attempt to "settle" your debt rather than help you pay it off. This is very bad for your credit. Depending on your income you can try and get a personal loan from the bank to consolidate. In today's market, it will be hard. Banks have tightened their lending standards quite a bit, especially when it comes to unsecured loans.

My suggestion would be to look into P2P lending. You wouldn't be able to get the whole $100k at once, but you could knock out the CC debt, which is probably your highest interest debt. Here is the site that I use, https://secure.lendingclub.com/landing.a... . It is free to sign up and get a rate quote, so you don't have to worry about a catch. If you sign up, let me know your username and I will try to help fund your loan.

For more information about your options, read this article that yahoo published today, http://finance.yahoo.com/loans/article/1... . It explains didn't avenues for borrowing money, including P2P lending.

Well, with your $40, 000 in loans & a new mortgage, I wouldn't think of another loan. It may be hard to get one anyway.

$15,000 in credit card debt isn't a lot compared to your other loans. You'll never get an equity loan now since your mortgage is so new. When you pay a mortgage, the first payments are most for interest that the bank receives first before you start paying off any of the principle which is the amount of the mortgage that doens't include interest. To get equity, you must start paying off the principle.

You have a couple excellent options. First there are great credit card options. Since you say that your credit is excellent, you should find out what your credit rating is. You can find this out, for free, from your bank. There are plenty of banks, nationwide, that offer no interest rate cards for a period of time or very low interest rates. These are the befst banks in the country & you can get a list of them from your banker.

Check the interest rates on your current credit cards & compare them to other cards. You can re-finance this way & save a bundle on interest charges. Apply for a few new credit cards--enough to equal the $15,000 credit card debt you have. Find the credit cards that will allow you to transfer the credit debt you have from one of your high interest bearing cards to one with much lower interest rates. You can decrease your interest rate by thousands of dollars in one yr, dpending on the new interest rates. You can then keep the new low interest cards, pay off & close the other cards. This will keep your interest rates, permamently lower.

One other alternative is to try & re-finance your mortgage. The Federal Reserve is lowering interest rates now & you have a good chance to lower the interest rates on your mortgage & in turn your mortgage payments should decrease.

Finally, it sounds like you have two expensive cars. You should check with your local bank about the present market value of these cars--they have a book that determines this. If they have a high market value {re-sale value}, then you'll have equity form these cars.

There are plenty of companies that will consolodate your debts into one monthly payment but you have to make these payments until all these debts are paid off. This never hurts your credit & they will usually give you much lower interest rate charges this way, such as consolodating your card debts but then you can't use these cards anymore & they must be paid off.

I would recommend you make an appt. with your personal banker ASAP. Go to the bank where you have your mortgage since you already have great credit with them.

Ask your banker about how they use your debt ratio. Bankers use this to dtermine how liquid your assets are {your ability to pay off your loans}. They will value such things as your cars & even expensive household items that you own. This can be equity for you. GOOD LUCK!!

have a simple wedding you him the Pasteur and one witness nothing follows == put off baby for one and half years == downsize you life style == get rid of every need and start lining up the money you owe and throw everything at this debt -- other option do what you want and in 18 months you will be back asking advise telling us you have credit -- behind on bills and seeking bankruptcy!!!

You cant do much of a home equity loan with no equity. Sounds like you two have really over extended yourselves and are in no position to spend for a wedding or a child. You need to majorly cut back on luxuries and start being frugal.

Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://dwarfurl.com/df112