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Message
loan to pay off CC debt
Posted on 2/8/13 at 12:45 am
Posted on 2/8/13 at 12:45 am
I have 2 credit cards with a total of about $11,000 on them that we had to use while the wife was on short term disability for awhile.
I can only make the minimum plus maybe an extra $20-25 a month.
would it be better to get a loan and have a set amount each month with a low interest rate to pay them off or keep up and try to pay a little extra when I can.
CC interest rates I believe are 13-19% range.
Discover card and a chase disney visa card.
I can only make the minimum plus maybe an extra $20-25 a month.
would it be better to get a loan and have a set amount each month with a low interest rate to pay them off or keep up and try to pay a little extra when I can.
CC interest rates I believe are 13-19% range.
Discover card and a chase disney visa card.
5
Posted on 2/8/13 at 12:57 am to bulldog95
Anything you can do to lower that interest rate is OK in my book.
Are you able to get a CC that has a 0% introductory offer for 6 months or so? That's another option but it is admittedly temporary.
Sounds like you are only paying $50 a month on the cards. That comes out to 18 years without interest to pay them off. In which case, you have an income/expense problem on your hands and may need a second job. In any event, you can't keep paying $50 a month on a 20% interest rate on $11,000.
Some here have mentioned using a HELOC, but I've never owned a home so I wouldn't know how to advise you on that.
Sorry to hear about the circumstances that caused the situation. When you are able to get back on your feet, this is the kind of situation an emergency fund could help alleviate a bit in the future if you didn't have one, but this sounds like it was a pretty major hit.
Good luck.
Are you able to get a CC that has a 0% introductory offer for 6 months or so? That's another option but it is admittedly temporary.
Sounds like you are only paying $50 a month on the cards. That comes out to 18 years without interest to pay them off. In which case, you have an income/expense problem on your hands and may need a second job. In any event, you can't keep paying $50 a month on a 20% interest rate on $11,000.
Some here have mentioned using a HELOC, but I've never owned a home so I wouldn't know how to advise you on that.
Sorry to hear about the circumstances that caused the situation. When you are able to get back on your feet, this is the kind of situation an emergency fund could help alleviate a bit in the future if you didn't have one, but this sounds like it was a pretty major hit.
Good luck.
This post was edited on 2/8/13 at 1:02 am
Posted on 2/8/13 at 6:34 am to Teddy Ruxpin
I pay the minimum and then I add a little extra to it each month.
I just hate seeing over half of what I pay each month getting eat up the next month in finance charges.
Yeah unplanned medical problems always seems to happen just about the time we start to make serious head way financially.
I just hate seeing over half of what I pay each month getting eat up the next month in finance charges.
Yeah unplanned medical problems always seems to happen just about the time we start to make serious head way financially.
Posted on 2/8/13 at 7:42 am to bulldog95
I would get an extra job, sell any non-necessities for money (guns/boat/ATV/anything like that of value).
I'd cut cable and go bare bones cellphone service. Cut any fat whatsoever. That would let you put an extra $200+ toward the debt.
If you can transfer to a no/low interest card, it's a no-brainer.
I'd cut cable and go bare bones cellphone service. Cut any fat whatsoever. That would let you put an extra $200+ toward the debt.
If you can transfer to a no/low interest card, it's a no-brainer.
Posted on 2/8/13 at 8:13 am to Ric Flair
Can you pay the 19% with the 13%?
Posted on 2/8/13 at 9:20 am to bulldog95
Depending on your credit history..check out Lending Club
Posted on 2/8/13 at 9:54 am to bulldog95
as stated above try these things
1) apply for a card that offers an introductory interest free period on transfers
2) cut back on luxury items. Cheaper cable/cell phone/internet. Eat out less, bring your lunch to work if you can.
3) work on paying down the card with the highest interest first if you you can't do step (1)
4) for long term check into o home equity line of credit, or a signature loan at a credit union with lower interest rates than your cards.
5) find extra cash, garage sale, part time job, side work, ect.
I understand your pain. Years ago i was hit with a medical issue myself that hit hard financially
1-2 years of working in lean mode and you can get it all past you. Sooner if you can really push it.
1) apply for a card that offers an introductory interest free period on transfers
2) cut back on luxury items. Cheaper cable/cell phone/internet. Eat out less, bring your lunch to work if you can.
3) work on paying down the card with the highest interest first if you you can't do step (1)
4) for long term check into o home equity line of credit, or a signature loan at a credit union with lower interest rates than your cards.
5) find extra cash, garage sale, part time job, side work, ect.
I understand your pain. Years ago i was hit with a medical issue myself that hit hard financially
1-2 years of working in lean mode and you can get it all past you. Sooner if you can really push it.
Posted on 2/8/13 at 10:01 am to tigeraddict
quote:
1) apply for a card that offers an introductory interest free period on transfers
Seems to me like you may have a hard time getting approved with so much debt already out there.
I wouldn't turn to one of those credit consolidation companies. I know someone whose credit was severely screwed up because the consolidation company was consistantly late on payments to the card company.
It sucks, but you just have to cut back as much as you can and pay as much as you can. If you can get a lower interest loan/card, I'd go for that. Balance transfers usually come with a charge even if it is 0% interest.
Posted on 2/8/13 at 11:03 am to bulldog95
you need to take a dave ramsey course
Posted on 2/8/13 at 6:16 pm to Duckman13
You do not want to exchange unsecured debt for secured debt
Get another revenue stream and focus on paying the cards off
Get another revenue stream and focus on paying the cards off
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