Should I get a personal loan to pay off some debt?

Question

Anyone have any experience or info about doing this? I’m like $8k in debt from a retail card with a high apr. feeling like I’ll never pay it off at the rate I’m going. Would a personal loan with a lower interest rate be a good idea to help get rid of this faster?

Answer

It would be a better idea to apply for a credit card with no interest for the first 12-18 months and transfer the balance. Getting a personal loan with an interest rate is kind of just moving the debt to a different place but not helping

Answer

I’m a financial advisor and I look at this stuff daily! If you want, I can walk you through your current situation and help you find the best way to go about it. 🙂

Answer

I had a friend do this and it worked well for her, however the loan she got was able to pick up several higher interest loans and wrap them into one with a super low fixed interest rate, with a payment she could handle- I would definitely make sure that the terms are way way better than your current situation - my bank was able to finance my tech school for example at a way lower rate than the school was offering, plus they gave me 3 years to pay where the school was only going to give me 1 year, the bank made more sense in that situation.

Answer

No don’t do it. Just keep making payments higher than normal so you can pay it down faster

Answer

My credit cards offer deals where you can transfer balances for 0%. You have between 12-18 months to pay off. The key is to make sure you pay off before the end or it backtracks all the interest.

Answer

Look at the numbers. I would transfer a the balance to a card with low interest rate orrrrrr take a losn but do the math. Dooo the math and evalute terms and conditions

Should I get a personal loan to pay off some debt?

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