Is there such a thing as a collateral loan, like using your car title as collateral to pay off credit cards?

Answer 1

There IS such a thing, but it is a BAD idea. If you can afford to pay the loan, you can use the SAME money to pay the credit cards. Why make it EASIER to take you car if you don't pay?

Answer 2

1

Answer 3

You really shouldn't pay off debt with more debt. Most banks and finance companies will not refinance a used car. However some credit unions will if you have good credit.

Answer 4

You don't need to do this. You need to make a fundamental decision to escape debt. You need to cut up the cards, and change your habits. You need a budget. You need fiscal discipline. Paying off the MasterCard with the Visa does nothing. Get mad and get it done.