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freestown7 Regular Member
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msn yahoo aim google icq xfire | Is it wise to get a consolidation loans for credit (22nd Jun 20 at 6:39am UTC) | Quote Reply | Is it wise to get a consolidation loans for credit card debt?
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ladygaga Regular Member
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msn yahoo aim google icq xfire | Re: Is it wise to get a consolidation loans for .. (23rd Jun 20 at 6:28am UTC) | Quote Reply | I am inferring from your question you are taking out a loan from a bank or like institution with regular payments. Given that baseline the answer is probably yes.
What you must consider ahead of time is the interest rate difference and what fee you will be charged as an origination charge.
The best way to know this answer is to take the difference in the credit card rate and the bank rate. Multiply the difference by your balance. That is generally how much interest you’ll save in a year. Assuming that is greater than the fee they are charging you then you’ll be saving money by refinancing this debt with one large caveat. You cannot resume using the credit card and create a new balance there.
If you use this refinance to free up space to use your credit card further then I guarantee you will be in worse shape financially.
I suggest you refinance this debt and cut up the credit card and attempt to use cash or debit day to day until this loan is paid in full.
Good luck! | |
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oliviabacker Regular Member
Posts: 101 Status: Offline Joined:
msn yahoo aim google icq xfire | Re: Is it wise to get a consolidation loans for .. (23rd Jun 20 at 6:29am UTC) | Quote Reply | Hi, have you considered any debt counseling agencies already? You see, credit and debt counseling works as a debt consolidation tool. Because your debts are combined into a single monthly payment, it simplifies the process of paying off your debts. I would recommend this credit card consolidation loan https://debtquest.com/options/card-consolidation/ and their programs as the most reliable ones. Hope it can help | |
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terry Junior Member
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msn yahoo aim google icq xfire | Re: Is it wise to get a consolidation loans for .. (5th Aug 20 at 2:00pm UTC) | Quote Reply | This is a good question. Many people use a second loan to pay off the previous one. I did that, too. I didn't want to ruin my credit history, so the second time I got a loan not from a Bank, but from a private person. These were cash advance in USA. I'm glad I tried it. I received the money to my Bank account the next day after making the application on the site and paid the last installment for my car. It is much more pleasant and convenient to cooperate with individuals than with the banking system. This is a fact. | |
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