I have good credit (around 705) but I can't seem to find a good balance transfer card. Is a personal loan my best move?
I'm sitting at around $17,000 in credit card debt and I want a good way to consolidate it.
byu/GhostofSparta4243 inpersonalfinance
Posted by GhostofSparta4243
4 Comments
It’s math. You need to increase your income and decrease your spending, and stick to your budget, and throw more at the debt each month. Paying minimums gets you nowhere. Getting apr reduced can help you. Consolidation does not, unless the rate drops. 0%/5% BT offer can buy you the most runway if you can qualify, but only if you increase the income, decrease the spending, and use that runway to pay more towards the debt.
Personal loans are risky, with no collateral, and thus high rates. A high rate personal loan is not the way. If you want to pursue this, ask your bank or credit union.
Click the pf wiki click budgeting
What does a credit mean and why would that be a food thing? Also with your debt..
Get rid of any credit cards and minimize spending to pay for that debt asap
I took a loan through lending club to consolidate my Credit Card debt. Really cut down the interest, and I’m paying the same I was monthly as I was on my minimums. It has allowed me to also start paying extra on top of it.
Also, make sure you’re correcting what got you in debt in the first place. Lock the cards until you can change your habits.
Personal loans are unsecured, and your credit isn’t optimal. I doubt you’re going to qualify for one if you can’t get a zero percent card.
I’d consult NFCC and go at it that way.