Re: Financial situation, please give input.

Posted by observer (152.163.188.40) on March 23, 2003 at 23:26:09:

In Reply to: Financial situation, please give input. posted by Greg on March 23, 2003 at 20:39:14:

You need to rethink your last paragraph where you say you'll elimenate debt by consolidation. That's incorrect. All you've done is transfer unsecured debt to secured debt.
You'll never get out of debt unless, you quit using the cards and learn to live below your means.
Establish an emergency fund from which you 'll pay the unexpected things that happen to us all and not have to use a credit card. Then, aggressively pay down the cc with the highest interest rate and just make minimum payments on the lowest rate cards. As balances drop, you should begin getting low interest rate BT offers. Use those to pay off debt at lower rates.
The deal you've described is just bad and, you've not even mentioned the fees associated with the the consolidation and the re-fi.

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