- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: loan to pay off CC debt
Posted on 2/8/13 at 12:57 am to bulldog95
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
1
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.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News