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 * If you have any further questions, concerns, or good discussion topics, please post them here. All users/viewers will have the opportunity to read the comments, add their own feedback/questions/comments, and ultimately learn from others experiences.**

__Questions:__ Q - **I have $8,000 in credit card debt and am considering taking out a home equity loan to pay off my credit cards. Would you consider this wise?** A - No, don't do it. Why? Because you will put your home at risk for foreclosure. As it is now, if you get behind because something happens, the worst they can do is go after your credit rating and harass you on the phone every night, but if you transfer it to your home and you get behind ... //bam!// They'll take your home. I suggest you //not// transfer the unsecured debt to your home. The rule of thumb: Never use an appreciating asset (home mortgage) to pay for depreciating goods and services (stuff on your cards). Better: Buckle down and slash your expenses, liquidate your assets (sell everything you don't need or use) and pay down those credit card debts quickly. Now your home equity can grow undisturbed. It is probably the only appreciating asset you will ever have. Guard it. [|Source]

Q - **What is the 10-year Rule? (in reference to student loans)** A -The 10 year rule means that student loans can not be discharged through bankruptcy until 10 years after you have been a full or part time student, regardless of when you took out the loans. This means that if you just take one credit course, the clock starts ticking again. The 10 year rule applies from the last day when you attended school. All student loans will survive a bankruptcy until 10 years has lasped from the time you finished school. Even then, it is entirely up to the courts to grant or set conditions to the discharge. If the courts feel that a bankrupt is in a position to repay, they will issue a conditional discharge. For people who have gone bankrupt, and their financial hardship is, or has been consistent, and no issues arise to give an indication that there is ability, then in all likelihood the loans will discharge. [|Source]

__Comments:__ - This whole topics relates really well to a film I watched in my Consumer Culture class last year. It was called "Maxed Out" and dealt a lot with the issue of credit, debt, and their negative effects. Here's the trailer: media type="youtube" key="YiOVNWoWTAU" height="344" width="425"

__Discussion Topics:__ //Discuss:// Who Thinks that Credit Card Companies Suck? //Reply//: I do.They try to lure you in with a new credit card with all the whistles and bells.Sign on the little dotted line.You can get cash back and lots of prizes and then after you sign you realize your intrest rate is around 91.9 %.Wow this is alot.The card looked appatizing when the ad first came to light now you better hope you can make your payments on time for like life or your gonna have to file bankruptcy. [|Source]