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Question by Mr. Incredible: Which is better to consolidate credit card debt a personal loan or move the debt to anther credit card?
I have approx. 15000$ in credit card debt on two different cards. I notice each month on one of those cards im paying about 120$ in interest alone while carrying a 9000$ balance. Would it be better to take a personal loan from a credit union at 14% or move the debt to another credit line at 8.35% which can change by quarter. Im looking at a 48 month pay back plan. Both cards are at approx 14% interest already.

Best answer:

Answer by CatDad
If you take out the credit union loan to where all cards are paid off, you’ll have all that newly available credit on the cards, and it will probably be too tempting to use the cards again…so you’d probably wind up with twice as much debt as when you started. Actually, many credit unions will only give such loans if you cut up your cards and close your accounts.
- Moving debt around really does not solve a lot of problems. However, if you could move this debt to the lower rate and totally commit yourself to stop using credit, then this would probably be the best move.
- A drastic move would be to enter into a debt management program though NFCC. They could lower the rate to around 10% for all cards. You’d have cut up your cards and stop using all credit. This would force you to stop using credit, which may be what you really need. http://www.nfcc.org

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Question by Less dreaming, more living: what’s the difference between a personal line of credit and a personal loan to consolidate debt?
which is smarter in the long run
thanks

Best answer:

Answer by Mary
A line of credit is usually an amount that the bank has authorized you to borrow against. A personal loan is a loan that you have already taken out and that you are paying interest on.

The best solution is to pick the loan with the lowest interest rate. It really doesn´t matter what it is called. Lower interest rates and better terms are what you want.

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Question by Jasmina C: personal loan to consolidate debt?
Anyone know financial institution who offer personal loan to consolidate debt? I am looking for $ 25.000. My credit is good, never missed a payment EVER just have too much. Please help because I am thinking about to file bankruptcy.

Best answer:

Answer by Judy
There is a federal program out there to help you at no cost to you.
NFCC.org
Go to their site call the 800 number and set up an appointment at a local office.
They will tell you honestly if bankruptcy is your option.
If not, they will help you.
Reviews call them angels.

Also get a book on Debt and Credit Repair.
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Question by kerry f: I am looking for a personnal loan to consolidate debt?
I am looking to to borrow 65k from a personal lender to consolidate personal debt Does anyone have a good lender that will loan money on fair credit on a 10 yr term?

Best answer:

Answer by bud68
A ten year unsecured loan? Not realistic.

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by Michigan Municipal League (MML)

Question by Themanshow: Looking for a personal loan to consolidate debt with low intrest.?
Looking for a $ 25,000.00 loan to payoff school and credit debt. What are the better banks that provide the lowest APR?

Best answer:

Answer by Bato Loco
Try Prosper.com

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Question by shainastar08: What is the best way to consolidate my debt? I have a mortgage and want to refinance,add my debt to new loan?
I have a $ 530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $ 15,000 of personal debt to my new loan? Or should I get a personal loan for $ 15,000 from my bank?

Best answer:

Answer by P J
It might be hard refi-ing a jumbo loan these days.

Getting additional cash out might be impossible and a very bad idea to begin with.

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by eric731

Question by gimmetwo: I am considering a personal loan to consolidate debt. High cc’s and other debt. Is that wise?
I have 2 cc’s with high interest rates plus another sig loan. I feel a consolidation loan will lower my rate and I would save money over time.

Best answer:

Answer by redwine
yes its a good idea, but you must remain vigilant and not let your CC debt get high again. And absolutely service the new debt on time.

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by MANILA IMPERIAL MOTOR SALES . . . .

Question by medphjpogp: Is there a place to just do a personal loan to consolidate debt? My bills are all current. My credit is good.
I live in Texas. I do not want to do a refinance or a home equity. I cannot seem to find a source to consolidate my debt. I have good credit and i never have had a late payment. Everything i find is for people who have already fell behind. I do not wish to do this. I want to keep my credit good. I need to make one payment and interest per month rather than four. I am now self employed. Any suggestions?

Best answer:

Answer by Yahoo Answers
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Question by Javi: Is there any way you can consolidate your debt, including car loan, personal loan and credit cards?
Will a bank consolidate debt up to $ 40,000.00? does it depend on your credit score? What bank or institution do you recomend?

Best answer:

Answer by Bitter B
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

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by Renegade98

Question by shainastar08: What is the best way to consolidate credit card debt? A personal loan with a bank?

Best answer:

Answer by P J
Depends on your credit score and or your collateral.

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