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Old 10-25-2004, 11:58 AM   #1
SinhCredible
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Default Was it possible fo you to take out a personal loan to pay off CC bills?

Well I'll probably stop by my bank and see if I could be able to take out a loan to pay off CC bills. Anyone have experience with this? I'm up to my eye-balls in debt and I need to pay it off. And christmas is coming up. Dollar store anyone?
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Old 10-25-2004, 12:05 PM   #2
doppelganger
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BAD BAD BAD move. Dont' do it. It simply MOVES the debt from one lender to another. How is that "paying" off debt?

Cut your spending big time and pay off the cards smallest to largest.
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Old 10-25-2004, 12:07 PM   #3
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Quote:
Originally Posted by doppelganger
BAD BAD BAD move. Dont' do it. It simply MOVES the debt from one lender to another. How is that "paying" off debt?

Cut your spending big time and pay off the cards smallest to largest.
^^^
He's right. I did this very thing once, and it basically got me nowhere. Instead, snowball your payments- pay minimums on everything but the highest rate card, which you dump as much as you can onto. Then, when it's paid off, do the same for the next highest. Lather, rinse, repeat.
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Old 10-25-2004, 12:14 PM   #4
StuBeck
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I transfered my debts to another credit card that had 0% finance charges on balance transfers...makes it a lot easier.
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Old 10-25-2004, 12:16 PM   #5
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If you're doing it to get a better interest rate, and plan on continuing to pay at least as much per month as you did before, go for it.

If you're just doing it for a lower monthly payment, don't bother.
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Old 10-25-2004, 12:30 PM   #6
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Financial discipline.

I thought about doing this when I was in college, but didn't due to common sense slapping me upside the head and screaming "moron, pay the cards off!". beachbum has a good idea. Moving debt around won't do you any good at all. Buckle down, stop spending (small Christmas gift year for you and yours) and pay them off. Being debt free rocks. And it's possible with a little financial discipline.
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Old 10-25-2004, 12:32 PM   #7
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It would ONLY be a good idea if you cut the cards up after paying them off with the loan.

Last edited by SkirtBoy; 10-25-2004 at 12:50 PM.
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Old 10-25-2004, 12:49 PM   #8
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i did this and it worked great. I got a great interest rate (lower than my cc's) and paid the whole thing off in 5 years, like making 2 car payments. 17K, that would have taken me 913198723719823 years to pay off just doing the minimum. didnt involve CCCS or anything. cut up my cards and just rolled on. and only one bill a month instead of like 8 separate payments all coming in at different times of the month.

anyway, worked for me. might not work for some.
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Old 10-25-2004, 01:22 PM   #9
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Quote:
Originally Posted by doppelganger
BAD BAD BAD move. Dont' do it. It simply MOVES the debt from one lender to another. How is that "paying" off debt?

Cut your spending big time and pay off the cards smallest to largest.
That's great, but it still remains that you'll save an assload of money. 8% interest < 20% interest.
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Old 10-25-2004, 01:30 PM   #10
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I got a 24 month loan for $10k at 5.9% to pay off my credit cards. I cut them up and closed the accounts. It has been the best thing I have done money wise in a long time. If you do it right you can save alot of money in the long run.
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Old 10-25-2004, 01:31 PM   #11
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Quote:
Originally Posted by Cabal
That's great, but it still remains that you'll save an assload of money. 8% interest < 20% interest.
Not if you continue using your credit cards once they're paid off.

I got a personal line of credit to pay off C/C debt once. Lower rate, hey, awesome! Except now I've got these credit cards that I can use again... hmm... I shouldn't.

But well, a $100 dinner out won't hurt that much.

Nor will a $300 PDA. I mean, I can use it a lot for work.

Heck, I've been meaning to get a PS2 for a looooooong time. They just dropped the price.

[...]

How did I get my C/Cs maxed out again?

I had ZERO financial responsibility when I was younger. Hell, even cutting the cards wouldn't help because I had my C/C numbers memorized and did most of my shopping online anyhow.

Paying for it now. Wee!


-A
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Old 10-25-2004, 01:33 PM   #12
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I closed out a few accounts using a loan from my credit union. The rate is fixed and you can get it direct deposited out of your paycheck. I recommend.
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Old 10-25-2004, 01:48 PM   #13
doppelganger
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I don't even own a credit card. What for? Use a debit card instead. If you don't have the cash for something, here's an idea. Don't buy it!

Others mentioned transfering debts to a lower rate is the way to go. The interest rate isn't your problem. Your problem is out of control spending on junk you can't afford. Cut the lifestyle and pay ungodly amounts of money on every card starting smallest to largest. Pay the minimum payment on the card your not currently paying off. As each one is paid off, you have more money to attack the next largest one.

The ONLY interest I pay is on my mortgage and I'm trying to get rid of that one asap as well.
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Old 10-25-2004, 01:51 PM   #14
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Quote:
Originally Posted by BAM
I closed out a few accounts using a loan from my credit union. The rate is fixed and you can get it direct deposited out of your paycheck. I recommend.
Instead of getting the payment directly taken out, here's an idea.

Pay them triple what they withdraw. Get rid of that crap.
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