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    under armour's Avatar
    under armour Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 27, 2009, 12:01 PM
    2nd mortgage
    I have $50,000 in student loans, another $53,000 in credit card debt. I want to consoildate the two for one low payment. Is 2nd mortgage a good idea?
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #2

    Jan 27, 2009, 02:19 PM

    Your student loans are most likely at a lower rate and longer time than a home equity loan would be.

    If you have the equity, I would say yes to the credit card debt.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Jan 27, 2009, 03:06 PM

    And you want to put your home at risk why?

    I would look more at a budget to work on the credit card debts and not put a house at risk unless it was a have to
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