from the bank to pay them off all at once? The interest rates are killing me. If so what credit cards have the best transfer plans or good banks I could use? what do you recommend??
2007-10-18 16:26:48 · 5 answers · asked by janu014 1 in Business & Finance ➔ Credit
Transferring your debt to a loan isn't the way to go. Bite the bullet and work on paying off those credit cards.
Make a strict budget. Get rid of all the extras -- cell phone, eating out, new clothes, premium cable and internet. Put every penny you can squeeze out of that budget on the highest interest rate card, while making minimum payments on the rest. When the highest interest rate is paid off, move to the next, till they are all paid off.
If you really work at it, you could have all that debt paid off in one or two years. You may even find ways to make some extra cash -- collect alum cans, get a second job -- pizza delivery has flexible hours.
When you do get those credit cards paid off, only charge what you can afford to pay in full every month.
2007-10-18 16:37:40 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
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2016-09-28 05:53:22 · answer #2 · answered by Joyce 3 · 0⤊ 0⤋
You could look into a debt management program. That is what I did. It worked out better for me. Actually i have a cousin who took out a consolidation loan to pay off her accounts about 2 months after i started my program. I am all done--she however wound up using her cards again bc they were not closed and now has the loan plus her credit cards--she is having a lot of trouble. Also, the loan place did not teach her about her budget or anything and she is still doing the same stuff that got her there.
Check out this company that I went with--they were great--lowered my interest rates, lowered my payments and made it just one payment instead of so many
here is their website: http://www.Debtcounselingcorp.org
2007-10-19 01:57:37 · answer #3 · answered by Blondie 3 · 0⤊ 0⤋
i am a mortgage broker. you could get a personal loan to clear those cards, provided you have the equity in a home to secure it...otherwise, just start working it off.
the way a bank looks at a credit card is this. it doesn't matter how much is on it when applying for a loan, they look at the monthly repayments, which is calculated from 3% of the total limit of the card.
2007-10-18 16:36:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you are either not earning enough or spending too much or both?? any loan officer or underwriter with half a wit will not loan you money less than your current interest rate. the consolidate rate you would get would be about the same or higher, probably higher. IF you do get another loan, you have to either lower your spending or earn more or you will get deeper in debt. goodluck.
2007-10-18 16:33:05 · answer #5 · answered by 27ysq 4 · 0⤊ 0⤋