@Anonymous wrote:
Hi all,
I am considering applying for a Peary loan from my CU for debt consolidation as well as finance a couple home improvements. The reason I'm looking to consolidate is because we recently incurred an IRS bill of about 4500 that needs to be paid off ASAP. We would also like to list our home for sale in the next year or so. Home needs a few updates. Just looking for some feedback, advice/guidance for the best way to tackle this debt. Background: BK 7 d/c'd 12/15. (Rebuilding ok), HH income ~100k. My husband an I both work, 2 kids, and my retired parent lives with us. CC debt is approximately 4500. Car loans total 440. Payment plan with IRS of about $100 per month.
CC balance is combination of 2 cards. One is 0% currently and the other is on a bal transfer I just did at 2.99. Been working to get them down but I was thinking it might be easier if I was only making payments to one place.... we also want to do a few small projects in our home, we would get another 2000-2500 extra for that. Our CU offers personal loans with a rate of 9.9% for 60 months. Our payments would be about 170 a month on that. I was also thinking about consolidation with a HELOC. But I have NO experience with them. Any advice on that would be appreciated. Just trying to figure out the fasted and cost efficient way to get this debt taken care of..... I know... we are newly out of a BK and due to some unforeseen events ended up with this debt. We want to tackle it before it gets out of hand. Thanks
Curious . . .why the rush to pay off the IRS when it's on a payment plan? Penalties and interest come out to 6% annually . . less than the 9.9% on the personal loan.
Also unsure about transferring the 0% and 2% CC balances to a higher rate loan.
I understand wanting to spruce up your home for sale and the personal loan could make sense there. If you go that route, pay it off with the proceeds from your house so you're not continuing to make payments on something you don't have anymore 
@Anonymous wrote:
@Anonymous wrote:
Hi all,
I am considering applying for a Peary loan from my CU for debt consolidation as well as finance a couple home improvements. The reason I'm looking to consolidate is because we recently incurred an IRS bill of about 4500 that needs to be paid off ASAP. We would also like to list our home for sale in the next year or so. Home needs a few updates. Just looking for some feedback, advice/guidance for the best way to tackle this debt. Background: BK 7 d/c'd 12/15. (Rebuilding ok), HH income ~100k. My husband an I both work, 2 kids, and my retired parent lives with us. CC debt is approximately 4500. Car loans total 440. Payment plan with IRS of about $100 per month.
CC balance is combination of 2 cards. One is 0% currently and the other is on a bal transfer I just did at 2.99. Been working to get them down but I was thinking it might be easier if I was only making payments to one place.... we also want to do a few small projects in our home, we would get another 2000-2500 extra for that. Our CU offers personal loans with a rate of 9.9% for 60 months. Our payments would be about 170 a month on that. I was also thinking about consolidation with a HELOC. But I have NO experience with them. Any advice on that would be appreciated. Just trying to figure out the fasted and cost efficient way to get this debt taken care of..... I know... we are newly out of a BK and due to some unforeseen events ended up with this debt. We want to tackle it before it gets out of hand. ThanksCurious . . .why the rush to pay off the IRS when it's on a payment plan? Penalties and interest come out to 6% annually . . less than the 9.9% on the personal loan.
Also unsure about transferring the 0% and 2% CC balances to a higher rate loan.
I understand wanting to spruce up your home for sale and the personal loan could make sense there. If you go that route, pay it off with the proceeds from your house so you're not continuing to make payments on something you don't have anymore
OP, This is excellent advice^^^^...