Feed: Is it a wise decision to consolidate credit card debt - AggScore: 10.5
Summary: Is it a wise decision to consolidate credit card debt with a personal loan?
likewhoa84 asked: I recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. I’ve begun working (finally), but my credit card balance is quite high now. The interest rates on my two cards range from 11.9% to 16.9%. I’ve [...]
Is it a wise decision to consolidate credit card debt with a personal loan?
div stylefloatleft padding 12pxa hrefwpcontentuploads201011personalcreditreport74.jpgimg srcwpcontentuploads201011personalcreditreport74.jpg title alt adivdivemstronglikewhoa84strong asked embrbrbrI recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. Ive begun working finally, but my credit card balance is quite high now. The interest rates on my two cards range from 11.9 to 16.9. Ive just finished paying for my car, so I now own it outright. The resale value is fairly high. I think I can get a personal loan through my bank to pay off my credit cards, especially if I use my car as collateral, at a rate of 8.9. Im sure these compound differently, but I just dont know enough about it to compare the costs. So, three questions 1 Would it save me money in interest to pay off the higher interest credit card balances with a personal loan through my bank 2 Is it wise to use my car as collateral 3 Does a personal loan look better on a credit report, compared to credit cards with high balancesThanks in advance!brbra hrefMinnieadiv
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