Unsecured Credit Card Debt Or Unsecured Loan?

1. G. Whilikers Says

   If you were to keep your cards and pay *them* at a pace that finished them off in 24 months you would pay half as much total interest as you would at the loan’s higher APR. So if you have the resources to take on that loan, all you need is the discipline to make consistent payments on the loans you already have. Pick a monthly payment you can stick with and divide that among the credit card bills without wavering, you’ll finish in a predictable amount of time.

2. cainvest Says

   If your cards are set for the life of the loan at 3 to 5% why would you take out another loan to pay them off at a higher rate? So you can charge again??
   Your plan makes no sense. You can get serious about paying down the cards without taking out a higher cost loan. There is no reason you can’t select ONE card (the highest rate card or the one with the lowest balance) and double or triple up on the payment each month until it is gone. Then go to the next card.

3. tudorjas Says

   You should keep the balances on the cards. 3-5% is less than 7.99-9.99%. You will pay less in interest overtime with the cards.
   Also, you probably wouldn’t be approved for the loan anyway. They typically demand excellent credit.
   If you haven’t tried to make any changes with your budget/lifestyle, you should give it a try so that you can pay more than just the minimum every month. Can you change your cell-phone plan? Are you eating out a lot? Stuff like that.

4. Ruwan Says

   This free credit repair tutorial simply provides a simple step-by-step guide which you can implement to achieve better credit score and thus improved credit history. At this point, you may be asking:

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