I have over 16k in credit card debt between 3 cards( one is a care credit). I really have no knowledge of how to help myself. Im paying about 700 a month. Is taking on this loan a good idea? Pay 371 would be a lot better monthly for me. Would I have to pay anything up front? Please help me understand what I can do.
17,000 loan?
13.49% APR
60-month loan
371 payment a month
Im not sure if i can say it, but its Best Egg? Suggested through credit karma
Gotten myself into a hole
byu/CoffeewithSarah inpersonalfinance
Posted by CoffeewithSarah
4 Comments
What are the interest rates on the cards, how much do you owe on each, and how much do you currently have to put toward this debt after other mandatory expenses?
Credit card debt builds up when you spend more money than you pay. What have you done to address that? Because if you haven’t done anything, you’re just going to end up with a $17k personal loan and another $16k in credit card debt.
I would avoid taking out a loan if you can. I was 6k in the hole once upon a time, and I transferred those debts to two separate balance transfer cards. 0APR for 12 months, as long as my payments were on time. Only catch is you need to be certain you can budget correctly and have the money paid off the card before the high interest kicks in.
If you do that, it’s basically a free loan for however long the 0% APR on the card is.
well you have to eradicate the debt, by paying it off. if you’re going to take the loan because it requires a smaller monthly payment, you’re probably going to turn around and start spending money you don’t have with more credit cards and dig yourself deeper. the strategy to do, is to take that loan and keep paying 700 a month.