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Should i use car equity to pay cc debt?

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I have credit card debt of about $14,000. One of my friends has suggested to use my car equity to repay the CC debt. Is it a good option?

No. Don't involve your car into this. Try to settle debts with your creditors instead. Tell your creditors that you can't pay $14,000 due to financial problems. Offer an amount you can pay and see what they tell you. Post here if you need any more help. Go to the letters section and download a debt settlement letter.

Sub: #1 posted on Fri, 04/05/2019 - 00:29

David Martin David Martin

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What is your current income? Are you able to save money after meeting all the mandatory cost? If yes, then go for debt settlement option. Just enrol in a settlement program to settle your debts.

Sub: #2 posted on Fri, 04/05/2019 - 05:41

Sanders Patricia Sanders Patricia

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Do not engage an asset to pay off your unsecured debts like a credit card balance. Turning an unsecured debt into a secured debt is wrong. Try other ways to settle your debts.

Sub: #3 posted on Mon, 04/08/2019 - 22:17

Barbara Delinsky Barbara Delinsky

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