I expect people to tell me that I shouldn't spend so much money BUT... does anyone know any companies/banks that allow you get loans in smaller amounts. I need one for about $2500... maybe a personal credit line? I need to combine all of my credit card payments into one and thought this would be the best idea.
2006-11-18 17:43:32 · 5 answers · asked by Sarah 4 in Business & Finance ➔ Credit
Yes, the reason I want to get the loan is so that I can destroy the cards themselves and be done dealing with those companies and actually have money of my own to spend each month. I can't believe I got myself into this much debt in just a few months. Credit cards are truly dangerous.
If you could recommend companies to deal with that'd be great as well. Thank you!
2006-11-18 18:02:17 · update #1
Getting a loan to pay off credit cards is only good if you never use the cards again. What usually happens is you pay off the cards, then start using them again. Now you have a loan payment, plus a credit card payment. Pay more than the minimum balance on your cards every month. Eventually, they'll all be paid. Dont' use them again, unless you can pay off the balance every month. Things are different now, than they were even a couple of years ago. Every time you seek credit, your credit score goes down, and takes several months of making payments on time before going up again. Your credit score now affects your insurance rates, so it's very important for you to get control over your credit cards. <*)))><
2006-11-18 17:51:23 · answer #1 · answered by Sandylynn 6 · 1⤊ 0⤋
Borrowing to pay off credit cards is fine, provided you don't continue to use the credit cards until you get your finances in order.
$2500 isn't all that much, so if your credit isn't in trouble, and you can borrow that much.
You must have some reason for doing this. Most people do it so they have a little relief from the monthly outgo.
If this is your purpose, then realize that if you borrow the money, that doesn't give you the go ahead to blast into stores and rack up even more debt because you got the credit cards.
If you go nuts with them, now you got the 2500 bucks to pay off AND the credit cards.
Be careful!!
2006-11-19 01:55:56 · answer #2 · answered by Gnome 6 · 0⤊ 0⤋
It depends on your credit. Banks/credit unions can give you a loan to consolidate all your bills HOWEVER i would check with your credit card companies you currently deal with now to see if they offer any special rates for balance transfers. Alot of credit card companies promote special rates on BTs, some even 0% for a few months or longer. Check with all your companies to see if you have the available credit line to consolidate all your CC debt into one card. Sometimes CC companies will increase your line of credit for BTs that would be larger than your current credit limit but that's something you'll have to discuss with them. Consolidating your debt makes it easier and more convienent to pay off however this option would be more beneficial for you than actually taking out another loan to pay off your current debt.
2006-11-19 01:49:47 · answer #3 · answered by bmwdon_21 1 · 1⤊ 0⤋
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2006-11-19 04:33:28 · answer #4 · answered by Tracy Wan 2 · 0⤊ 0⤋
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http://www.freewebs.com/get_loan/
2006-11-19 02:12:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋