do you think its wise to pay a credit card off with a loan the interest is a little higher but means that it the amount is the same each month coming directly out of my account, i no you can set a direct debit up for the card but wish to borrow a little more thanks
2007-01-16 23:58:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
No because you aren't paying off the credit card. You are just transferring the debt. If you really want out of debt, pay extra and set up the direct debit so you pay the extra each time. What ever you need the "extra" money for ("...wish to borrow a little more...") save cash and purchase what you need.
I suggest you read: The Total money Makeover by Dave Ramsey and learn more about debt and what it robs you of and what no payments would mean for your life.
2007-01-17 00:06:17 · answer #1 · answered by mldjay 5 · 0⤊ 0⤋
If you honesty think about if you pay the minium payment on the credit card bill it going take years to pay it off because only a small amount go to the bill if you pay 50/month probably on 15-20/ month dollars is cumming off of your bill. Its up to you but if you dont need the extra money really bad I would just stay with the credit card and pay more money amonth to get it paid off or call and see you can get the amount on your credit card raised.
2007-01-17 01:27:51 · answer #2 · answered by chevyman2004 1 · 0⤊ 0⤋
I agree with the first 2 answerers, but everyone is different. This arrangements would not suit me, and will cost you more ultimately. Perhaps think about why you want to pay the same amount each month. Is it because you hate surprises ? Or because you don't really want to think about how much you are spending. Only you can answer this.
2007-01-17 19:19:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
For my credit and loans disasters I go to NHBS, Inc, they have better credit and loans programs
have a super day
2007-01-17 03:43:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋