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Need help....way overextended on my debts. Have pretty good income at $133,000 per year....credit scores TU 691, Experian 696, Equifax 732. Maxed out on 4 credit cards and also have one auto loan and one personal loan. Need a loan to pay off debts worth roughly $43,000 any suggestions?
Obviously, paying them with a loan will not reduce your debt.
Is the goal primarily to convert revolving credit to installment for score improvement purposes, or to reduce monthly interest?
At an income of $133K a year, you should have no trouble making large payments each month and paying off the cards. If you can't do that, then you need to evaluate your spending habits and make the changes necessary to improve your cash flow.
trying to reduce the monthly interest... and score purposes as well.
When a person runs up a large amount of CC debt, maxing out every available card, when he already has a a very high income, the solution is rarely to search for an installment loan to pay the CC debt off. The reason is that the underlying drives that led him into such a briarpatch are probably still there. Ironically, the maxxed out cards are a good thing, since they are acting as the only leash to prevent him from getting into deeper trouble.
CapTool's advice is sound. The amount you are paying in interest, as a percentage of your total income, is very small. My guess is that you are paying maybe 5 hundred a month in interest, possibly less, compared to a gross monthly income of 11 thousand. You could easily pay down the principal very quickly, and if you can't, it means that the psychological drive to spend is the problem and a zero balance on all cards will only cause your debt to double in a years time.
I suggest you take CT's advice and develop a budget that will enable you to pay off all cards in two years, with a goal of by the end moving the amount you use to pay off debts into savings and retirements investment. The disciplined period in which you do that will enable you to see if you can rewire your spending impulses slowly, a rereq for avoiding the debt in the future.
FWIW as an investor on LC, when I was individually picking loans (before that became way too time consuming) yours would've been one I would've tagged; good income, credit card consolidation = good loan prospect from my perspective.
Not sure on the rate you'd get with your scores but I'd go the P2P lending route in your shoes personally, verifiable income goes a long way on those sites. I'd probably pretty up my revolving utilization a bit though before doing that.
+1 to the budget ideas as well.