Should you max out your credit cards to catch up your house payments?
Answer:
If you can't make your payments now, how are you going to make them next month with higher credit card bills? Contact your mortgage company and see if they can work something out with you to keep you from losing your house.
no, just think of the interest rate you are going to pay on the cards.. do you have any other method of getting money to make the payment??
Sounds like a good plan.
Contact the loan provider of your mortage. Ask them if you can lengthen the loan a month or two so that you can skip a month or two and be able to catch up. I did it a few years ago.
Good luck.
no
absolutely do not do it!! Your credit cards are likelt at a rate as much as 4 times your mortgage. Depending on your circumstances, you are better off to get a debt consolidation loan, or refinance your mortgage. If you max out your credit cards, what happens next month when mortgage AND large credit card payment comes due? Skimp, save, stay home, eat less, or whatever it takes, get a loan from family/freinds, whatever, but do not use credit cards to pay mortgage!!
That's a recipe for disaster!
You want to borrow at 18%+ to pay off a mortgage payment with much lower interest?
If so, I suggest you start reading up on the new bankruptcy laws.
Trust me, it's not going to work. Contact the mortgage company and work out something on a temporary basis. You need to budget yourself for a while.
Only if you experienced a temporary set back and you will be able to pay your credit cards and the mortgage next month. Otherwise you are just getting yourself further in debt.
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