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How to pay off Credit Cards

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How to pay off Credit Cards

I unforntuatle racked about $50K in various debts. I finally got my spending under control - still going to therapy to help me. I have a lot of cards with high interest rates and I can only make minimum payments right now. But the amount isn’t going anywhere. I wanted to know if it makes sense getting a personal loan to help me. But my credit score per credit karma is around 630... not sure if I’ll even get a good rate. Any suggestion or recommendations?

Just wanted to add I don’t have any late payments or collections. But all my cards are pretty much maxed out.
Message 1 of 5
4 REPLIES 4
Contributor

Re: How to pay off Credit Cards

A very good friend of mine was in a similar situation. He ended up being able to get a really good rate (compared to his CC) from lending club and was able to consolidate all of his high interest debt to 1 payment with moderate interest.

 

You might want to check them out, but YMMV

Ch 7 Discharge 10/15/2018

Started 10/18: Eq Fico 9 ???, Ex Fico 9 620, Tu Fico 8 511
Current 8/3: Eq Fico 9 736, Ex Fico 9 717, Tu Fico 9 704 Fico 8 655

Cap1 Plat PC to QS 1.5k, Discover it Chrome Secured $500, NFCU GoRewards 2k (was Secured nRewards $500), Share Loan 1k (paid down to 8% due 2/2020), VentureOne 1k, NFCU CLOC 1k, OllO Optimum $800
Message 2 of 5
New Visitor

Re: How to pay off Credit Cards

Thanks - this is the second time I have heard of LendingClub .. I will take a look at them. Did he give any feedback on things to watch out for
Message 3 of 5
New Visitor

Re: How to pay off Credit Cards

They are charging me
7.02% interest
10.52% APR

Better then what I had .. wish I could get something even less..
Message 4 of 5
Contributor

Re: How to pay off Credit Cards

So you decided to go with them? His story diverged past the point where he got the loan, unfortunately he has defaulted on that loan. It was over 50k and he thought it best to pay off other debt that he could not-so-easily walk away from.

 

10.52% is great compared to most credit cards out there. Hope everything works out. 

Ch 7 Discharge 10/15/2018

Started 10/18: Eq Fico 9 ???, Ex Fico 9 620, Tu Fico 8 511
Current 8/3: Eq Fico 9 736, Ex Fico 9 717, Tu Fico 9 704 Fico 8 655

Cap1 Plat PC to QS 1.5k, Discover it Chrome Secured $500, NFCU GoRewards 2k (was Secured nRewards $500), Share Loan 1k (paid down to 8% due 2/2020), VentureOne 1k, NFCU CLOC 1k, OllO Optimum $800
Message 5 of 5
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