Need help and info on credit card consolidation

[Anonymous]

Hi guys, it's my first time using this forum and I wanted to ask for advice about debt. I know that many people have learned to be frugal after getting yourself in a tight spot and working towards becoming debt free. I wanted to ask what you think about possibly taking out a large personal loan like something I could find online in order to pay off $10,000 of high interest credit card debt (16%). The APR's with a new loan would be less, and I would have a longer time to pay it off (2-3 Years) but I am definitely asking for guidance.

Any mathematicians here? lol, Thank you in advance

[gdale6]

Hi there OP and welcome to myFico

I have created your own thread for you in our CC forum to get you the answers that you are seeking. I have made a title for the thread which you can edit if you wish by using the pull down menu in the post options box (upper right corner of the post) and selecting edit post. I have left the body of your post the same.

[Creditaddict]

Sofi.com was a little slow to go through the approval process but by far approved the most and lowest interest for my partner.

loandepot

a few other new ones have popped up that have been posted on the boards lately that you can do a search at the top to find.

all of these you can check for amount and rate without a credit pull... then most will do a HP if you select an amount and term and go to fully apply.

Many allow you to instantly upload documents if you can scan them in, some you can take pictures on your mobile phone and email them in... it's quick and easy.

most payments are auto deducted from the checking account you input when applying, it can be changed later if you need to bu that's where the money will be deposited also.

[NRB525]

OP, can you list out the cards that you currently have, what their credit limits are and the balance on each? Depending on which cards you have, there may be ways to work balance transfers to lower rates.

16%, while not zero, isn't the worst APR to be paying, so you have that going for you.

[creditguy]

The only advice I can give is, if you do decide to take out a personal loan to pay down credit card debt, is to obviously make sure the apr is lower than your credit cards. The other advice is make sure you are disciplined enough not to use your cards after you pay them off with a loan, at least while your paying on that loan. Many folks have made the mistake of paying off cards and falling back into debt, but this time they have a loan payment on top of CC payments. Good Luck with whatever you decide to do.

[tntexans72]

---

@creditguy wrote:
The only advice I can give is, if you do decide to take out a personal loan to pay down credit card debt, is to obviously make sure the apr is lower than your credit cards. The other advice is make sure you are disciplined enough not to use your cards after you pay them off with a loan, at least while your paying on that loan. Many folks have made the mistake of paying off cards and falling back into debt, but this time they have a loan payment on top of CC payments. Good Luck with whatever you decide to do.

---

+1...cut the cards up until you pay off the loan if you take that route. It's a slippery slope so you will need descipline. 

[Anonymous]

---

@creditguy wrote:
The only advice I can give is, if you do decide to take out a personal loan to pay down credit card debt, is to obviously make sure the apr is lower than your credit cards. The other advice is make sure you are disciplined enough not to use your cards after you pay them off with a loan, at least while your paying on that loan. Many folks have made the mistake of paying off cards and falling back into debt, but this time they have a loan payment on top of CC payments. Good Luck with whatever you decide to do.

---

+1

[Anonymous]

---

@tntexans72 wrote:

---

@creditguy wrote:
The only advice I can give is, if you do decide to take out a personal loan to pay down credit card debt, is to obviously make sure the apr is lower than your credit cards. The other advice is make sure you are disciplined enough not to use your cards after you pay them off with a loan, at least while your paying on that loan. Many folks have made the mistake of paying off cards and falling back into debt, but this time they have a loan payment on top of CC payments. Good Luck with whatever you decide to do.

---

+1...cut the cards up until you pay off the loan if you take that route. It's a slippery slope so you will need descipline. 

---

+2