Credit card debt is unsecured

Therefore if you default, the creditors will call you but basically cannot take anything of worth.

Home equity lines mean that debt is now secured to your HOME. If you default, you lose the roof over your head. Also there are many websites where you can get a loan fast without any collateral. Anyway, better to budget wisely, pay things off (high interest first), and then change your spending habits so you don’t get into the position again.

I do understand unsecured vs. secured.. but at this point, I feel as that this debt is too large to get rid of unless I do something dramatic. I am currently working on eliminating two credit card bills, so that they will be paid off by 12/05, but then I still have over 15 grand in credit card bills… but I was also thinking that if my new payment was say 350 on helic ( now it is 750) , then if I paid more than I can get rid of the debt quicker..

I still have a lot to think about here! thanks for your advice. I truly appreciate it!

At this point, I just feel as if this amount of debt is too high for me to pay off w/o any help… I have transferred some balances to a lower rate.. and by 12/05 I will have 2 more credit card bills paid off, and another one in 6/06.. but then I still have over 15 k in debt.. w/o my car payment.. I have a lot to think about here… I truly appreciate your insights.. 🙂