Escape from a monster credit card?
Hello, quick question.
One of my relatives has only an HBC Mastercard (17% + Prime, but if any late payments occur then it jumps to 29.99% annual), which is a relatively crappy card, but they've had it for quite a while. Their debt has accumulated and in this past year they started spending with the credit card to get by. They now sit at around ~$10,000 balance on the CC.
They're on disability so their income is low, and fixed. Mortgage of about ~$150,000. Line of credit against the house of about ~$50,000 (maxed out, but managable interest rate).
What would be the best option to avoid living off this monster credit card, considering their low income and relatively large debt (large compared to their income)?
Thanks for any advice.
One of my relatives has only an HBC Mastercard (17% + Prime, but if any late payments occur then it jumps to 29.99% annual), which is a relatively crappy card, but they've had it for quite a while. Their debt has accumulated and in this past year they started spending with the credit card to get by. They now sit at around ~$10,000 balance on the CC.
They're on disability so their income is low, and fixed. Mortgage of about ~$150,000. Line of credit against the house of about ~$50,000 (maxed out, but managable interest rate).
What would be the best option to avoid living off this monster credit card, considering their low income and relatively large debt (large compared to their income)?
Thanks for any advice.