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Question
Is it wise to take out a low interest loan to payoff a high interest credit card? I have a credit card that is high in interest and I see little of the money going towards the principals, so I came up with an idea to take out a load to pay it off for a loan that has low interest. Is that a smart thing to do?
By Blue Posted on 11/04/09 Total Answers 7
Answers-
You will most likely save money by doing this.....it's the best step to take if you cannot quickly pay down the credit card.
Answer by : Richard C On Date 2009-11-04 10:25:39
yes its smartto do then stop using you Credit card after that period
Answer by : Kelsey On Date 2009-11-04 10:26:25
Banks don't make personal loans anymore. They will laugh at you. /
Answer by : Judy On Date 2009-11-04 10:26:49
Yes, it would be, but what makes you think you're going to find a low-interest "personal loan"?
Answer by : jlf On Date 2009-11-04 10:32:48
good luck trying to GET that loan - you probably will not be able to get a loan for that purpose
Answer by : Doctor Deth On Date 2009-11-04 11:36:00
Yes, if you can do it. Lenders are tightening up dramatically, and consolidation loans amount to one lender assuming the risk of another. But if you can pull it off, do so. Not only might you get a lower interest rate, but you will exchange revolving interest for fixed simple interest. Go for it!
Answer by : rcdrury On Date 2009-11-06 17:24:15
Yes an no... If this loan is SECURED...No... If it is unsecured( IE another CC with a drastically lower rate) YES.. You NEVER want to replace unsecured debt, with secured debt. UNLESS you close down the accounts you are paying off. Otherwise in 1 -2 years, you be right back in the same boat again...
Answer by : Smilin'_Bob_The_Enzyte®_Guy On Date 2009-11-08 09:34:07
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