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Displaying 70 to 72 (of 72 questions) |
Page: 8 of 8 |
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User Name:
Alberto Paredes
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Date:
November 30, 2008, 7:19 pm
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Dear Specialist,
What is better for the consumer?
a) To have a HELOC line of credit with a 6% interest rate ( secured debt) or
b) To have credit a credit card (non-secured debt) with the same interest?
Who is responsible for paying the debt if the credit card holder doesn't pay?
Thanks, |
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Answer:
HELOC (Home Equity Line of Credit) should be taken out only when it's impossible to get credit somewhere else. While a HELOC is easier to qualify for and generally cheaper than a credit card, you risk losing the biggest asset you have - your home. And its' not difficult to fall into a mount of debt if you start carrying balances. At the same time a credit card is harder to be approved for as you do not provide any collateral. So, you do not run such a great risk in case of debt unless you file for bankruptcy. Even so, you're very unlikely to lose your home. A HELOC would be a better option if you need to finance home repair, medical surgery or education. For everyday needs, travel or business expenses, get yourself a low APR, no annual fee credit card. As a legitimate cardholder you're responsible for all debt you make on your card. If you refuse to carry your payment obligations, you might be taken to court. So, pay your bills on time and in full. It will not only exempt you from interest charges but also give an opportunity to benefit from rewards. |
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User Name:
Laurel
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Date:
December 4, 2008, 12:11 pm
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Looking for a 0% balance transfer card. I would like to do this asap. Thank you. |
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Answer:
To be approved for 0% intro APR on balance transfers, you are expected to have good or excellent payment history. If your FICO score is between 660 and 850 and there are no bad payments recently recorded in your credit report, you are welcome to search, compare and apply for one of the balance transfer cards available online. 0% intro APR are typical of Discover and Capital One card offers which also have no annual fees, lowest regular interest rates and rewards. Please, note that you'll be charged the average of 3% of transfer fee as you do the transaction. So, the larges the amount transferred the larger transfer fee you pay. Also before you request a balance transfer, make sure the limit on the new card is higher than the debt, otherwise the debt will be impossible to move. Apply for a balance transfer card online and save on repaying your debt. |
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