Personal loan for CC debt?

Question

I have a high amount of credit card debt (~$20K) among several cards combined. Would you recommend a personal loan to consolidate the debt, or should I just keep making regular monthly payments? I feel like I’m not making much of a dent with such high interest rates…

Answer

I’d recommend Dave Ramsey’s debt snowball. It’s an easy google search and that’s what my husband and I are doing. You don’t have to agree with all of his teachings to follow this one.

Answer

I would take the loan and consolidate. You can usually get a lower interest rate and pay less in the long run.

Answer

Work with your creditor, sometimes they offer things like lower interest rate for 12 months to help pay it down quicker.. definitely call & speak with a financial advisor there

Answer

Does your credit union/bank do consolidation loans? 
My husband had multiple high card balances thanks to his dumpster of a mother. He consolidated it to get a lower payment and better interest rate. It only works if you cut those cards up and stop using them. If you continue putting a balance on credit cards after consolidating, you’re in a deeper hole than you started in.

Answer

Depends.  I’d look at a site like Forbes or something similar that lists out the best options for personal loans and check that you meet the minimum requirements such as credit score and income.  Your other option is to follow the snowball method for paying off debt.

Answer

Are you still using credit cards?

Answer

Only consolidate if you will also cut up and close your CC accounts. Check out Dave Ramsey.

Answer

Consolidate your debt and cut up your credit cards. The interest should be much lower on a loan. Some banks offer plans or loans specifically to consolidate debt.

Answer

Checkout the baby steps from Dave Ramsey or Ramsey solutions.com.

Answer

I wonder if you as a investor, invested in Visa, and Mastercard, and the banks. I know you can on yahoo finance or other investment sites, you can use it to pay your bills. Might need to ask your bank on wall street investments

Personal loan for CC debt?

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