topic Personal loan to pay off cc in Credit Cards

Personal loan to pay off cc

kickinit0486 — Wed, 10 Sep 2008 15:23:28 GMT

Currently I have 7841.13 in cc debt. I am able to get a personal loan with a variable interest rate going between 6.5% and 9% for up to 10k for 48 months. My current cards with balances have interest rates of: BOA MC cl 3k balance 2087.08 interest rate 13.9% this acct is not in use locked in interest at 13.9 to avoid interest increase BOA VISA cl 3500 balance 2039.04 interest rate 19.9% Home Source cl 4500 balance 3715.01 interest rate of 22.9% Mathmatically this seems like a good idea are there any minuses to doing this currently have a score of 649 and income of 80,000 annually

Re: Personal loan to pay off cc

Anonymous — Wed, 10 Sep 2008 15:33:53 GMT

Well, I guess a minus would be if you got a loan and then ran the cards back up, putting yourself in a worse situation.

Re: Personal loan to pay off cc

Anonymous — Wed, 10 Sep 2008 15:53:21 GMT

10K at 8% 4 years = $244 payment - $1718 in interest

This is not a huge $ amount for your income and the interest rate is very good for an unsecured loan.

If you paid $400 a month towards this- you will have it paid off in 25 months saving $740 in interest.

Only downside is running the cards back up and create a mess for yourself.

Re: Personal loan to pay off cc

Anonymous — Wed, 10 Sep 2008 16:41:55 GMT

Timothy wrote:
10K at 8% 4 years = $244 payment - $1718 in interest

This is not a huge $ amount for your income and the interest rate is very good for an unsecured loan.

If you paid $400 a month towards this- you will have it paid off in 25 months saving $740 in interest.

Only downside is running the cards back up and create a mess for yourself.

Agreed. Welcome to the forums. I'd strongly advise you to read through the forums a bit. There are cautionary tales aplenty as well as many success stories, so it'll give you some perspective, especially if you decide to consildate your credit card debt.

Re: Personal loan to pay off cc

kickinit0486 — Wed, 10 Sep 2008 18:28:45 GMT

I have just found out that the supposed best way for me to do this is a line of credit and a 8.5 apr

Re: Personal loan to pay off cc

Anonymous — Thu, 11 Sep 2008 01:32:35 GMT

Line of credit is still revolving-

Still a decent plan if you have the decipline-

If doing a consolidation- I would try to do installment-

kickinit0486 wrote:
I have just found out that the supposed best way for me to do this is a line of credit and a 8.5 apr