50K in CC debt

[sefnfot]

What is the name of your state (only U.S. law)? CA

I have around 50K in CC debt.

what are my options?

I am about to take a MTG loan with well over enough to cover this; but I always felt it a bad idea to pay down a non secured loan with secured funds.
Are there any options of reducing this debt without hurting my credit scores?

 

[adjusterjack]

I am about to take a MTG loan with well over enough to cover this; but I always felt it a bad idea to pay down a non secured loan with secured funds.

That's right. And it's a slippery slope for people like you who abuse credit cards and then encumber the house to pay off the credit cards.

As soon as the credit cards have zero balances you won't be able to control yourself and you'll start using them again and it won't be long until you have another $50,000 in credit card debt.

Are there any options of reducing this debt without hurting my credit scores?

Probably not.

As long as you are making your minimum payments, the credit card companies won't give you the time of day. They just love those high interest receivables.

 

[EliteParalegal]

Sounds like you're in a pretty bad spot. I guess the question is are you currently being sued for these CC accounts, or are you still making payments? If you are being sued left right and center it's a viable option, just dangerous. You can always write off unsecured debts in bankruptcy obviously if there is just no other option. By doing this you are sacrificing that bankruptcy safety net at rock bottom.

What's the status of these CC's? Are they still active accounts?