2006-08-17 16:41:13 · 14 answers · asked by sevndustfan 1 in Business & Finance ➔ Credit
Yes. Banks take into consideration your income to debt ratio. How much debt do you have. Banks always advertise balance transfers where you can group all your credit card debt onto one of their credit cards, but be weary of introductory aprs that may expire after a year or two.
It's easier to get a loan for a $300,000 home loan than a bank signature loan, so ask banks for balance transfer specials as well!
2006-08-17 16:47:13 · answer #1 · answered by Sal G 4 · 0⤊ 0⤋
Do you have any collateral? For example - do you own a home? If not, a bank will probably not give you a loan. However, if you do have some collateral and the bank gives you a loan - yes, you can use that money to pay off your credit card debt. A lot of people take out home equity loans to consolidate and pay off other debts. And your loan payments will likely have a much lower interest rate than your credit cards.
2006-08-17 16:47:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes banks will do this, but the question you need to ask yourself considering you even have collatoral (car worth same value or home) is ....do you want to take you unsecured debt (credit cards) and turn them into a secured debt? Meaning should you ever default or for some reason be unable to pay...they will take your car or home or whatever you put up for that loan.
2006-08-18 03:28:07 · answer #3 · answered by Shadow419 3 · 0⤊ 0⤋
This is the best option, it will put you on a structured program. If you have a car or a house you may want to use them as colloidal After that cut you credit card up!!! I work in this field and i see people get a check from us and pay half or none of there credit card debt and get stupid with it and guess what deeper in debt
2006-08-17 17:33:30 · answer #4 · answered by sarah a 2 · 0⤊ 0⤋
I would go to your local credit union and check to see if they have a debt consolidation loan. they are usually very restrictive and may ask you to close the cards they are closing and leave you with just one. as long as the debt is not really high and your credit is good you should not have much of a problem.
2006-08-17 18:29:15 · answer #5 · answered by elenanita 3 · 0⤊ 0⤋
yes...you can:
Credit Card Debt Management
http://www.debt-explained.com/category/Credit-Card-Debt-Management.html
2006-08-18 02:46:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you can if your credit rating is ok. the bank loan will have a lower interest rate than the credit card, which is good for you in the long run. its called a bill consolidation loan
2006-08-17 16:48:18 · answer #7 · answered by oldguy 6 · 0⤊ 0⤋
yes you can. read the following articles first:
Best Ways to Consolidate Credit Card Debt
http://www.askaquery.com/question/Best-Ways-to-Consolidate-Credit-Card-Debt.html
Unsecured Debt Consolidation Loan For All
http://www.askaquery.com/question/Unsecured-Debt-Consolidation-Loan-For-All.html
Regain your financial status with Debt Consolidation Loans
http://www.askaquery.com/question/Regain-your-financial-status-with-Debt-Consolidation-Loans.html
2006-08-17 23:02:28 · answer #8 · answered by pied piper 1 · 0⤊ 0⤋
is your credit card in trouble?
I would say if you have a savings account at a bank you could get a loan against your own money.
2006-08-17 17:41:46 · answer #9 · answered by sophieb 7 · 0⤊ 0⤋
You can get a loan to pay off whatever you want. But, that is not such a good idea. Why not try debt consolidation?
2006-08-17 17:38:05 · answer #10 · answered by CARLA J 3 · 0⤊ 0⤋