I just got a letter from Washington Mutual also known as Wamu yesterday.  They lowered my home equity line to $900.  It originally started off at $27,500.  It was lowered about 6 months ago to just over $8000.  What are you going to do with a $900 home equity line?  I told them to just close it.  They said that you have to pay $55 to close it.  Rather than close the line they leave a ridiculous amount on it.  They are too cheap to close the thing themselves.  They would rather have me pay it. Continue Reading »

Your credit card company may have lowered your available credit, but why?  If you have been watching the news lately, most of the major headlines revolve around the credit crunch and foreclosures.  Banks and lenders do not want to leave themselves exposed to unecessary losses.  A few months ago Washingotn Mutual lowered my home equity line over 75%.  I had never even used the thing.  The banks are worried that when times get tough, people are going to tap into their equity lines and then default.  The bank just wants to hedge their bet and cover their losses by removing excess credit from people.  This is done in the form of closing credit cards, cancelling home equity lines and lower available credit for credit cards. Continue Reading »

Debt Settlement vs. a Home Equity Line to pay of your Credit Card debt

Getting yourself into debt can be a scary as well as a frustrating experience. Getting hounded by debt collectors night and day can be exhausting as well as emotionally draining. But there are options that you can take to take care of the problem quickly. The two that we are going to discuss in the article are refinancing your home to pay off the debt or doing a debt negotiation program. Continue Reading »