I need to pay off about $!,000.00 worth of bills. I have a CD that is about to mautre in 2 months. I'm thinking of cashing out the CD to pay off the debts and remove the noose from my neck. My friend is telling me to use the power of leverage on this one. She says use the CD as collateral, get a small loan, pay off the debts, and still have my money basically in the bank. She says this is a better way than just taking the money paying bills then I'm left with nothing startina ll over from scratch again. Can I do what she says and does this method make sense?
2007-10-03 02:22:33 · 2 answers · asked by installerwanted 1 in Business & Finance ➔ Personal Finance
yes you can use the cd as collateral! this will also raise your score once you have paid off the loan! this type of loan raises your credit score the most! pay on time and your score will soar
2007-10-03 02:29:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
do it at the bank whereyou have the CD
personal loan rate is 13 percent now with or without the collateral.
2007-10-03 09:30:40 · answer #2 · answered by Michael M 7 · 0⤊ 0⤋