The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Skeeter Bug who wrote (2505)	4/30/2002 5:14:04 PM
From: Tradelite	Read Replies (2) of 306849

Here's some non-acendotal evidence for those who are willing to view debt with a jaundiced eye..... Forty-eight hours ago, I took a huge amount of saved money and paid off the remaining balance of my mortgage. My lender (so far) deserves kudos for taking care of one detail (canceling automatic checking account deduction for May 1 payment without my doing anything--even though I was supposed to give them 10 days' notice-- but my bank, from which the money was wired to pay off mortgage....is another story. Forty-eight hours later, my bank is offering me by mail an entire menu of ways to borrow further.....including 15.5 percent on an unsecured personal loan. I believe one poster on this thread recommended personal loans to pay off credit card debt instead of borrowing against one's home....yet, the rate I'm offered to borrow on a home-equity line of credit is a mere 5.75. percent. If I had a huge credit card debt to pay off, would I take the home equity line of credit at 5.75 percent, or the unsecured personal loan at 15.5 percent?

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