Refinance ?

[FiNaL WaR]

Long story short, bought condo at 18, now 23 (actually tomorrow) have now 15k$ in credit card debts because of health issues (girlfriend).


My financial advisor proposed me to refinance my mortgage to pay the debt, the interest rate would be a 3%. I would have to pay fee from both GE financials (around 600$) + notary (around 1.4k$). BUT i would now need a granter to sign for me too...


i now have a good job + sidejob and would be able to pay 1k to the debt capital each month (would take 16-17 months to pay). Credit card interest rate are as following 9.99% , 13.99% and 21%. i called a place named sosdettes, that non-profit company helps people to get out of debts and they can bargain with credit card companies to reduce or eliminate the interest rate. do you guys think it would be a good idea to go this way instead of refinancing ? can this affect my credit score ?

thanks

[PrinceV]

Long story short, bought condo at 18, now 23 (actually tomorrow) have now 15k$ in credit card debts because of health issues (girlfriend).


My financial advisor proposed me to refinance my mortgage to pay the debt, the interest rate would be a 3%. I would have to pay fee from both GE financials (around 600$) + notary (around 1.4k$). BUT i would now need a granter to sign for me too...


i now have a good job + sidejob and would be able to pay 1k to the debt capital each month (would take 16-17 months to pay). Credit card interest rate are as following 9.99% , 13.99% and 21%. i called a place named sosdettes, that non-profit company helps people to get out of debts and they can bargain with credit card companies to reduce or eliminate the interest rate. do you guys think it would be a good idea to go this way instead of refinancing ? can this affect my credit score ?

thanks

Don't go to those places, it will affect your credit score. My advice is cut up the cards and make payments to pay it off in 3 yrs time or refinance. Did you miss a couple of cc payments? if so, it would explain why you would need a co-signor. Did you buy the condo yourself?

[FiNaL WaR]

Don't go to those places, it will affect your credit score. My advice is cut up the cards and make payments to pay it off in 3 yrs time or refinance. Did you miss a couple of cc payments? if so, it would explain why you would need a co-signor. Did you buy the condo yourself?

Yes i bought the condo with my girlfriend, we had 10% cashdown. I think i missed 1 payment (forgot) by 15 days once on CC.

I had a debt in collection with telus i did not knew about (since 2010) i now know that i need to check my credit report more often. The debt was paid the day after my financial advisor told me i had one.

[patpond]

Refinance. ... Lesson learned though right?

[S5]

Do you have any assets besides the condo? Seems weird to have a financial advisor if no financial assets.