Loan Consolidation

4 Responses to “If I have a balance on a card of $8,000, 9.99% APR, would it look better to get a debt consolidation loan?”

1. jacobs jordie on May 2nd, 2009 at 9:03 pm

   Do what you can do. Obviously the sooner you pay it off the LESS interests you will pay and so the LESS money you throw down the drain.
   These http://www.esuperfind.com/CreditSolutions.php?id=998g
   should charge you less than 9.99% APR

2. Lauren F on May 2nd, 2009 at 9:03 pm

   If you want to get rid of this fast, then taking a 36 month loan doesn't make sense, even if you could get a lower interest rate. That long length of time will cost you a lot in interest.

   I would look for a 0% balance transfer card (see the website http://www.fivecentnickel.com for suggestions) and transfer it to 0% card, preferably for 12 months. Then, if you pay $700 a month for the 12 months, it will all be paid off and you will not owe any interest. Research this plan carefully though. It only works if you make the payment every month on time. If you miss even by one day, the cc company will jack your interest rate up to a horrible amount.

3. Your Embarrassing Moments on May 2nd, 2009 at 9:04 pm

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4. Jobsreap » Blog Archive If I have a balance on a card of $8000, 9.99% APR, would it look … » Jobsreap on May 2nd, 2009 at 11:27 pm

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