I have 20,000 in cc debt, no mortgage on house, and am having trouble paying high interest on cc. Is a heloc a better way to consolidate, and do a few home repairs, and of course credits cards will no longer be used ever again!

If you have no mortgage, then yes a HELOC is an excellent way of paying off credit card debt and financing home repairs. Right now rates for HELOCs are very low and the interest is deductible.

After you do this, make sure you cut the cards up, and close the accounts... keep at most only one, and put it someplace safe and don't carry it as most people will fall back into old habits once the immediate pressure is off.

Very few things people buy are things they actually NEED... they are things they just want... You NEED to eat, you only WANT to eat out in restaurants (always more expensive than eating at home). You NEED certain medications, you WANT certain high priced cosmettics. Speaking as someone who went through this in his early 20's, learn to separate NEED from WANT or you will find yourself back in the same situation.

HELOC is great today and as noted interest is tax deductible. Make sure to pay it off ASAP since they are aligned with interest rates, usually prime plus some %. If interest rates go up, your rate will too but probably less than the CC rate. $20,000 will be based on 10 years so your payments would be pretty low, around $200 per month including interest.

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Originally Posted by smoothy

you WANT certain high priced cosmettics. Speaking as someone who went through this in his early 20's, learn to separate NEED from WANT

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Those high-priced cosmetics must explain why you look like WT Sherman. :)

Dang... and all that money I've wasted all these years trying to look like Brad Pitt I was buying the wrong stuff. :)