Comments on: My Credit Card Company Wants to Give Me a Home Loan Refinance http://www.everyjoe.com/articles/my-credit-card-company-wants-to-give-me-a-home-loan-refinance/ Sports News - Tech Reviews - Entertainment - Life Tips for EveryJoe Thu, 03 Dec 2009 00:58:11 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: miranda http://www.everyjoe.com/articles/my-credit-card-company-wants-to-give-me-a-home-loan-refinance/comment-page-1/#comment-314444 miranda Sat, 12 Apr 2008 18:24:05 +0000 http://www.yieldingwealth.com/my-credit-card-company-wants-to-give-me-a-home-loan-refinance/#comment-314444 Excellent point, Sean! That's the problem with taking unsecured debt and then securing it with your home. I'll put up a post on it Monday morning :0). Thanks for the suggestion! Excellent point, Sean! That’s the problem with taking unsecured debt and then securing it with your home. I’ll put up a post on it Monday morning :0). Thanks for the suggestion!

]]> By: Sean http://www.everyjoe.com/articles/my-credit-card-company-wants-to-give-me-a-home-loan-refinance/comment-page-1/#comment-314447 Sean Sat, 12 Apr 2008 18:18:42 +0000 http://www.yieldingwealth.com/my-credit-card-company-wants-to-give-me-a-home-loan-refinance/#comment-314447 Miranda: This is a good and important post. May I suggest a follow up post on why - in many circumstances - credit card companies offer these deals... especially to those who are getting in over their heads? Credit cards are "unsecured debt," meaning that if you default or go bankrupt, they can't take your house, car or stuff. They are last in line, behind secured debt, like your mortgage. When they see people getting in trouble, they offer nice guy home-equity loans. Take them up on it and guess what? Their debt is now secured - and tied to your home. Before, they could do nothing to you, really, but mess up your credit rating. Even people who show financial responsibility can fall into the traps of these robber barons. A person who never missed a payment can suddenly see their interest skyrocket from 9% to 30% overnight. Absolutely pay those things off every month if you can... Miranda:
This is a good and important post.
May I suggest a follow up post on why – in many circumstances – credit card companies offer these deals… especially to those who are getting in over their heads?

Credit cards are “unsecured debt,” meaning that if you default or go bankrupt, they can’t take your house, car or stuff. They are last in line, behind secured debt, like your mortgage. When they see people getting in trouble, they offer nice guy home-equity loans. Take them up on it and guess what? Their debt is now secured – and tied to your home. Before, they could do nothing to you, really, but mess up your credit rating.

Even people who show financial responsibility can fall into the traps of these robber barons. A person who never missed a payment can suddenly see their interest skyrocket from 9% to 30% overnight. Absolutely pay those things off every month if you can…

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