Comments on: Is it better to take a personal loan to pay off a credit card debt?

By: Rocky

Rocky — Sun, 30 Aug 2009 18:35:25 +0000

It’s a matter of changing your spending habits. So, you are basically creating a payment plan and sticking to it.

By: Classy Granny

Classy Granny — Fri, 28 Aug 2009 17:52:56 +0000

Wow…What’s the interest rate on that card? I own about $4000 right now and my interst is around $30. If you can get a laon rate lower than the credit card…Yes it would be a good idea

By: echo

echo — Thu, 27 Aug 2009 17:35:06 +0000

While a lowered interest rate may seem ideal, you would be trading an unsecured debt for a written secured debt.

If you do not default on the loan then you can save a lot of interest.
If you default on the loan, depending on your states exemption statutes, you may be at risk of losing personal property.

Look over your finances first to make sure that you can afford to pay it even if you lose your job, etc. You might also look over your states exemption statutes.

By: Daniel K

Daniel K — Tue, 25 Aug 2009 04:18:32 +0000

A lower interest rate is almost always better (assuming there are no additional fees involved). More of your payment goes to your debt and less to interest, enabling you to pay off the debt faster.

By: LeteshaSC

LeteshaSC — Sat, 22 Aug 2009 11:10:22 +0000

YES IF IT MUCH LOWER RATE. BUT DON’T TAKE A PERSONAL LOAN FOR A MUCH LOWER INTEREST RATE && THEN PAY IT FOR 5 YEARS OR LONGER THEN IT WOULD BE STUPID TO TAKE OUT A PERSONAL LOAN IN THE FIRST PLACE.

By: dusty_titus

dusty_titus — Sat, 22 Aug 2009 07:01:19 +0000

Absolutely, just remember to keep that CC home and not use for at least 14 months.