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Quote by Jean Chatzky

“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.”

Quote by Jean Chatzky

Author

Jean Chatzky is a seasoned financial journalist, born on November 7, 1964. She is known for her in-depth research and insightful views on personal finance, having served as an editor and columnist for several prominent media outlets. more

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“If you default on an unsecured debt, you won't lose anything (except points on your credit score).”

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“When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.”

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“In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.”

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“If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do it.”

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“You must be sure - and I mean absolutely positive - that you have the willpower to pay off those credit cards and not use them again.”

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“If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.”

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“Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.”

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“The interest rate you receive, however, is contingent on your credit score.”

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“Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into.”

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