The good news is that there are new regulations coming around the corner on credit card companies that will preclude them from raking consumers over the coals on rates. The bad news is that those regulations don’t kick in until February of 2010. So in the meantime don’t be surprised if your credit card rates skyrocket to the 20% to 30% range as credit card companies scramble to make as much profit as they can from consumers.
If you have equity in your home and are saddled with too much credit card debt now might be a very good time to look at a cash out refinance to consolidate that credit card debt. Rates are still in the mid 5’s on government backed mortgages and you can get cash out refinances up to 85% of the current value of your home.
Contact us in the sidebar if this situation applies to you.