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Posted: Thu Dec 13, 2007 5:36 pm Subject: Safe debt help...

I have about 9k in cc debt. My wife and I would like to sell our home and move in the spring. Which is the safest way to get out of debt and not take a massive blow to the credit score?

Posted: Fri Dec 14, 2007 12:15 am Subject:

Safest way is a consolidation loan. MBNA used to offer a cheap one at 10-12% with an 8 year payout, but I don't know if that's still available since Bank of America bought them. After that debt counseling, which will hurt your credit but probably not as bad as debt settlement or even worse bankruptcy.

Posted: Sun Dec 16, 2007 4:23 am Subject: Safe way to get out of debt

Could you possibly get a no cost home equity loan with interest only payments until you sell? Most lenders have programs with no closing costs for a second mortgage.

Posted: Sun Dec 16, 2007 11:20 am Subject:

Wachovia Bank used to do a home equity line of credit that was interest only for the first 10 years, with a 15 year payout after that. Don't know if it's still available since the subprime disaster.

Posted: Sun Dec 16, 2007 12:04 pm Subject:

You'll be hard pressed to get anything subprime at Wachovia....we are dumping anything remotely subprime. The only "creative" home financing we have right now is called 'Pick a Payment' which is a product inherited from the recent World Savings merger. You can essentially pick your payment amount every month but you need to have super good credit and loads of equity.