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Using a personal loan to consolidate credit card debt
Posted on 2/10/17 at 7:28 am
Posted on 2/10/17 at 7:28 am
Long story short...some things have happened in life and now I have credit card debt on 2 cards. I can't pay it all off at once. It'll take multiple months. Would a personal loan be the best course of action here so I can secure a lower interest rate?
SoFi a good place to look for this?
Or is another route to look to see if there are any credit cards with 0% introductory rates for a balance transfer? 12 months should be plenty of time to get this under control.
SoFi a good place to look for this?
Or is another route to look to see if there are any credit cards with 0% introductory rates for a balance transfer? 12 months should be plenty of time to get this under control.
This post was edited on 2/10/17 at 7:35 am
5
Posted on 2/10/17 at 7:40 am to GetCocky11
quote:I'd start here
credit cards with 0% introductory rates for a balance transfer?
Posted on 2/10/17 at 8:07 am to GetCocky11
Never ever exchange non secured debt for secured debt
Posted on 2/10/17 at 8:08 am to Tigerpaw123
The personal loan would be unsecured.
And I'm leaning towards this option because I really, really don't want to open up another credit card, and a 12 month loan would only cost me about $150 at ~9% APR vs the 20% APR on the credit card.
We've already moved to an all-cash system during this troubled period, so we wouldn't use credit cards at all. At this point, it is just a matter of proper debt consolidation.
But this is a good board, and I value the advice of the posters on here.
And I'm leaning towards this option because I really, really don't want to open up another credit card, and a 12 month loan would only cost me about $150 at ~9% APR vs the 20% APR on the credit card.
We've already moved to an all-cash system during this troubled period, so we wouldn't use credit cards at all. At this point, it is just a matter of proper debt consolidation.
But this is a good board, and I value the advice of the posters on here.
This post was edited on 2/10/17 at 8:13 am
Posted on 2/10/17 at 9:11 am to GetCocky11
You've got the right idea, and as long as you've addressed the underlying spending issue that generated the debt, you'll be fine.
I'd look for rate options on the personal loan, like a credit union or Lending Club type lender. Credit Karma and Credit Sesame always have deals on personal loans too.
Don't discount calling the credit card company and asking for a lower rate too, after explaining the situation. The worst they can say is no and you proceed with consolidation.
I'd look for rate options on the personal loan, like a credit union or Lending Club type lender. Credit Karma and Credit Sesame always have deals on personal loans too.
Don't discount calling the credit card company and asking for a lower rate too, after explaining the situation. The worst they can say is no and you proceed with consolidation.
Posted on 2/10/17 at 2:44 pm to GetCocky11
Chase Slate offers 0% interest on balance transfers and also has no balance transfer fee.
Posted on 2/10/17 at 2:48 pm to GetCocky11
quote:Hell I'd try this. I've seen 0% for 12-18 months with no transfer fee with some cards for new card holders in the past. If you can't find any that will do a $0 fee on transfers, try Chase. They only charge me 2% on transfers
Or is another route to look to see if there are any credit cards with 0% introductory rates for a balance transfer?
Posted on 2/11/17 at 4:03 pm to ForeverLSU02
Do you have vehicles that are paid off or worth more than you owe?
You could refinance them to obtain a loan.
You could refinance them to obtain a loan.
Posted on 2/12/17 at 8:51 am to good_2_geaux
On the Chase cards, they usually cap the transfer amount at 5k so if you owe a lot more then that, might not be worth it.
Posted on 2/12/17 at 9:33 am to Amblin
I would try to balance transfer and if it's not paid off when the no interest runs out, then do the personal loan.
Posted on 2/12/17 at 9:46 am to GetCocky11
Use an Excel sheet and crunch the numbers, so you can see how much of a difference it will make in the end. If it only saves you a few hundred bucks in interest, it might not be worth it, especially if cash flow is an immediate concern.
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