2007-12-28 12:41:55 · 2 answers · asked by coy r 1 in Business & Finance ➔ Credit
Bad idea to take out a loan to pay off credit cards. Typically what happens is once the credit cards are paid off, you start charging and run them right back up. Now you have all the credit cards and that new loan.
Better idea is to work on paying off the credit cards. Take every penny you can squeeze out of your budget and put it on the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid, move to the next till they are all paid off.
If you work at it, you can pay off those credit cards within 2 years.
2007-12-28 13:12:39 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Consolidating does not do you any stable. It purely shifts debt from one lender to a various. My suggestion: one million) initiate saving money. an in depth written budget will help right here, the greater specified the greater suitable. it will help plug the leaks on your wallet. 2) Pay in basic terms the minimums on all 10, till you have $one million,000 saved. placed ten $a hundred expenditures in a image physique with an illustration "In case of emergency, smash glass". you will use this funds extremely of your credit taking part in cards. 3) checklist the ten taking part in cards from smallest to best (quantity owed). 4) proceed paying the minimums on 9 of them, and attack # 10 (the smallest) with a vengence. 4b) whilst #10 is done, attack #9. and so on.
2016-10-09 08:20:54 · answer #2 · answered by herzog 4 · 0⤊ 0⤋