@Anonymous wrote:
Thank you for all the insight! I feel so much more in control over the past couple of weeks after joining this forum.
My question is I have a very high utilization rate (96%). I want to take out a personal loan to consolidate my credit cards. I have total balance of around $9500. My scores are around 610. I've seen ads for a lot of high interest firms and wanted to know if there are any bank, CU, etc. which I should look into. I have been pre-qualified for the amount at a few places, but the terms aren't that great. 35% APR for 36 months. Are there any others which I should look into?
Any insight is appreciated!
Sam
I'm afraid that lousy terms are all that you qualify for currently.
You are going to have to budget and throw everything you can at the balances where they lie. You might have a chance to consolidate the remaining once the utilization is under control, but at that point you might only have a few thousand left and can just finish paying it off on your own.
Don't take out a bad loan. It seems like a fix, but you have a budget problem that needs addressed. Once you get that under control, you'll be able to pay off this debt no problem.
