Home Equity Loan

I am 25,000 in credit card debt. I own my home (no equity) - need help with loan advice or debt consolidation?

I have been transferring balances and making payments but I would like to know if there are any viable loan options to turn it into one payment without killing my credit score. Any help would be appreciated.

Public Comments

1. National Debtline 0808 808 4000 They'd be far better answering than me.
2. WATCH OUT FOR LOAN CONSOLIDATION COMPANIES, They want to make a profit too. Check to see if you have any non-profit agencies that can dispense financial advice, consumer advocacy organizations in your area. Another loan sounds like a cluster-concentrate on your present situation. Remember, EVERY time you make a loan or credit application, they pull your records, and YOUR CREDIT RATING DROPS. Paper-bag it to work, avoid Starbucks & such, shop coupons on-line, bike or walk to work, only buy on sales [hey, have a garage sale] barter where possible, don't eat out. Just bite the bullit. Low in calories, too!
3. Using even a credit debt consolidation will effect your credit score (you wont' be able to get around that) Try calling every credit card (and stop using them) and ask each creditor to start taking half the monthly payment (but shred the cards) and if they won't - check with your local social services office. They'd be more apt to refer you to a reputable debt consolidation company in your area. Good Luck
4. I don't understand how you own a home but say you have no equity--of course you do. Do you still have a mortgage? My hubby got us in this situation years ago, we were actually seperated at the time. When I came back it was to find that he owed money to a bunch of lenders who were charging outrageous interest. We went to the bank that holds our mortgage and they were more than happy to consolidate all the loans and even asked why we had not come to them first. Good question. The interest at the bank was 10% lower than what my guy had been paying. Happy to say we are out of debt and the house will be paid for in 3 years, yeah!
5. I have been there. It sort of sneaked up on me over several years due to a car I could not really afford and not noticing it was 25,000 until I added up all the cards. I was in an apartment I hated and when I looked at what I would need to save for retirement, it was quite depressing. I got an offer for a personal line of credit from my bank, and they did give it to me, but it had a $500 limit and $25 annual fee. I told them to forget it and closed the account. But I had the assets to cover it. I sold my woods in northern WI for $10,000 (easement issue), inherited $10,000 from my grandmother, paid off the rest. That allowed me to keep my SW WI woods. Fast forward 10 years, I bought a home in 2002, paid $14,000 cash for a 2001 vehicle in 2004, refi'd my home down to 20 yrs fixed in 2005, contribute 22% to my 401(k) and trying to contribute to Roth IRA when I can. I still have that car I could not afford (95 Maxima SE 5-spd) and it still runs great. So there may be a light at the end of the tunnel, but will take effort and sacrifices to get there.
6. How do you not have any equity in your home? Do you have out other mortgages against the property? If not then going to your mortgage company would be your best bet.