topic Re: Loan, CL a card, or keep paying them off? in General Credit Topics

Loan, CL a card, or keep paying them off?

disney2 — Thu, 22 Jun 2023 01:26:17 GMT

I was listening to something about interest rates increasing and realized some of mine are ridiculous, up to 31.74% for PP. I am trying to decide if I want to pay off the ones with higher interest by getting a personal loan, debt consolidation loan( not consumer credit but with something like NF), or just keep paying them off. I don't have a problem paying for them but I didn't like the interest rates. I don't have any personal loans, own my home and all my vehicles. Total owed on cards is about $85k but I wouldn't do all of that. Ideas?

Re: Loan, CL a card, or keep paying them off?

Beefy1212 — Fri, 23 Jun 2023 00:38:15 GMT

@disney2 wrote:
I was listening to something about interest rates increasing and realized some of mine are ridiculous, up to 31.74% for PP. I am trying to decide if I want to pay off the ones with higher interest by getting a personal loan, debt consolidation loan( not consumer credit but with something like NF), or just keep paying them off. I don't have a problem paying for them but I didn't like the interest rates. I don't have any personal loans, own my home and all my vehicles. Total owed on cards is about $85k but I wouldn't do all of that. Ideas?

85k in credit card debt? Consolidate what you can, pay off the highest debt first and consider shredding your cards. At your card debt level I am curious where you currently stand on your scores I am skeptical you even have a credit score/report that would support a meaningful consolidation loan. Without knowing all your details it is hard to guess what your options are but for the debts you can't consolidate I would reach out to your creditors and see if you qualify for any debt hardship programs, and also consider speaking with a bankrupticy attorney if that debt is averging 25% apr you are paying nearly 1,800 a month in interest alone you are basically buying a kia a year worth of interest payments.

Re: Loan, CL a card, or keep paying them off?

SouthJamaica — Fri, 23 Jun 2023 19:43:03 GMT

@disney2 wrote:
I was listening to something about interest rates increasing and realized some of mine are ridiculous, up to 31.74% for PP. I am trying to decide if I want to pay off the ones with higher interest by getting a personal loan, debt consolidation loan( not consumer credit but with something like NF), or just keep paying them off. I don't have a problem paying for them but I didn't like the interest rates. I don't have any personal loans, own my home and all my vehicles. Total owed on cards is about $85k but I wouldn't do all of that. Ideas?

Yes you should try to get rid of high interest obligations.