How to tackle my last bit of debt

Anonymous · ‎10-19-2015

Hey guys, haven't posted on here in quite some time but at last wanted to hear some ideas and yes opinions too on how to clear my last bit of debt. Ok so I have a credit card with a $14k balance interest rate at 19% and a personal loan I got for $4k. Wait for it... 34% interest. (Yikes I know!!) I have about $2,200 of extra income every month that I can easily set aside to help me pay off my debt.
Now where I wanted to ask you guys is if I should pay off the $4k now and a get personal loan at 10% interest for the remaining debt or keep the extra cash in the bank and do the full amount for $18k?? I have 3 inquiries across the board and have already spoken to my credit union on loan details. If you guys have any other course of action please share
Thanks

Anonymous · ‎10-19-2015

@Anonymous wrote:
Hey guys, haven't posted on here in quite some time but at last wanted to hear some ideas and yes opinions too on how to clear my last bit of debt. Ok so I have a credit card with a $14k balance interest rate at 19% and a personal loan I got for $4k. Wait for it... 34% interest. (Yikes I know!!) I have about $2,200 of extra income every month that I can easily set aside to help me pay off my debt.
Now where I wanted to ask you guys is if I should pay off the $4k now and a get personal loan at 10% interest for the remaining debt or keep the extra cash in the bank and do the full amount for $18k?? I have 3 inquiries across the board and have already spoken to my credit union on loan details. If you guys have any other course of action please share
Thanks

If you can get the 18K at 10% that would certainly save you a chunk of money. As long as you are disciplined enough to not charge the CC back up, thats the way to go, IMHO.

Anonymous · ‎10-19-2015

Yeah I've been on a cash diet for some time now. Before this past summer I paid in full and rarely carried a balance. Now I just hate the fact that those interest rate numbers are there and it makes it harder to pay if off in 12-15mo. (That's my goal) I've paid a **bleep** ton interest on 4k loan over the past 6mo smh.