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Personal Loans, should I get the amount I need, or a little extra just in case
Posted on 6/16/20 at 6:17 pm
Posted on 6/16/20 at 6:17 pm
I want to pay off my high interest credit card. I only have roughtly 5500 in debts so im not in dire straits. It would be cheaper in the long run if I got a personal loan. SHould I get what I need or a little extra just in case.
6
Posted on 6/16/20 at 6:27 pm to Bigg A
Do you have like a 40% APR?
ETA: Not trying to troll but taking out a personal loan for that little of credit card debt is not worth it. I would pay your minimum payment plus what the interest charge would be for the month.
ETA: Not trying to troll but taking out a personal loan for that little of credit card debt is not worth it. I would pay your minimum payment plus what the interest charge would be for the month.
This post was edited on 6/16/20 at 6:31 pm
Posted on 6/16/20 at 7:07 pm to ColoradoTiger1987
No, 18% But the interest is more than half of my payments
Posted on 6/16/20 at 7:10 pm to Bigg A
Hunker down , get mad and pay that shite off, don’t try and borrow yourself out of debt, it don’t work 
Posted on 6/16/20 at 7:13 pm to Bigg A
I’m not a financial advisor but I’d choose the route that allows you to pay the debt down the fastest.
I prefer paying off debt one by one. Not through an avalanche effect that can cause bigger problems down the road.
I prefer paying off debt one by one. Not through an avalanche effect that can cause bigger problems down the road.
Posted on 6/16/20 at 9:22 pm to Bigg A
Are you able to do a balance transfer?
Well worth the one time 3% fee to make a manageable payment spread over 12-15 months.
Cap1 is constantly sending me offers with little to no fee.
Well worth the one time 3% fee to make a manageable payment spread over 12-15 months.
Cap1 is constantly sending me offers with little to no fee.
This post was edited on 6/16/20 at 9:37 pm
Posted on 6/17/20 at 7:42 am to Bigg A
You own a house? HELOC?
Posted on 6/17/20 at 10:02 am to Bigg A
If you have the discipline and self control for it, you should get a no/low fee balance transfer card and pay it off during the interest free period.
If you don't have the discipline and self control for it, you shouldn't apply for more credit in any form, because you will just end up further in debt than you already were once you charge up that card again.
If you don't have the discipline and self control for it, you shouldn't apply for more credit in any form, because you will just end up further in debt than you already were once you charge up that card again.
This post was edited on 6/17/20 at 10:03 am
Posted on 6/17/20 at 10:20 am to Bigg A
I didn’t mean to come off as a dick last night man (I downvoted myself).
Have you checked what APR you could get on the personal loan? Unless you have some collateral (I.E house, car) or a damn near perfect credit score, you’re probably looking at around a 10% APR over 3 years.
Have you checked what APR you could get on the personal loan? Unless you have some collateral (I.E house, car) or a damn near perfect credit score, you’re probably looking at around a 10% APR over 3 years.
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