@Anonymous wrote:
Thanks. I don't have high income. Getting utilization down to 10% before applying seems pointless. I'd have that paid off in 3 months even without transferring it.
@I may look at going with a personal loan through Lending Club or Prosper rather than a BT card (I was approved for $10k @ 7.86% APR for LC, but I didn't pull the trigger). My debt is at 12.99% fixed, so it's not awful. I will also need an auto loan in May 2016, so I want to avoid HPs after April. If I keep paying at this rate and nothing else changes, I should be in good shape by the time I need the car loan.
I just want to get rid of this debt. I guess I will mull it over until April and see where my utilization is at that point.
Hello. Question: If you balance transfer or get a loan from LC, you still have the same debt, right? I agree with the others. Plus, I would continue to pay down the debt as is and ride it out until you apply for your car loan. I don't think it would be a good idea to take out 2 loans back to back. Good luck on paying down your debt!! Lenders like to diversity.
I spent the past 2 years doing exactly what you are doing now. I had many opportunities to consolidate, but I decided not. I called it 'TOUGH LOVE.' Now, I have 1 cc with a balance which I pay $125 on it each week. I also pay $100 towards my student loan each week too. In August, my cc will PIF and by December 31st I will have paid 50% of my student loan balance off.
I wish you the best!
