Second Mortgage or another line of credit?
Wednesday, July 22nd, 2009
Corn_Flake asked:
I just found out that because I’ve exceeded my line of credit 2 times in 6 months, Bank of America wants to jack my APR up to 32% intrest. I’ve been with them for 4-5 years now and they are unwilling to work with me even though I’ve never had a late payment or exceeded the credit limit before.
The balance is substantial. I’m afraid that no one will extend me a line of credit large enough to cover my balance. Should I look into taking out a second mortgage on the house I’ve been in for 1.5 years? What are my other options? What’s the downside to a second mortgage?
Thanks!
Actually the reason I’ve wracked up such debt is because I go through spells of depression/spending. If it’s available when I’m down, I spend. I pay it back later. It hasn’t been a problem up until recently when a few medical bills and a fiasco or two occured.
Ella
I just found out that because I’ve exceeded my line of credit 2 times in 6 months, Bank of America wants to jack my APR up to 32% intrest. I’ve been with them for 4-5 years now and they are unwilling to work with me even though I’ve never had a late payment or exceeded the credit limit before.
The balance is substantial. I’m afraid that no one will extend me a line of credit large enough to cover my balance. Should I look into taking out a second mortgage on the house I’ve been in for 1.5 years? What are my other options? What’s the downside to a second mortgage?
Thanks!
Actually the reason I’ve wracked up such debt is because I go through spells of depression/spending. If it’s available when I’m down, I spend. I pay it back later. It hasn’t been a problem up until recently when a few medical bills and a fiasco or two occured.
Ella
