starfirechild_2000 asked:


I’ve been yo-yoing for years with my debt and - while I never liked having it to begin with - never really sat down and worked it out. This year I finally decided to make good and pay off all my debts. I’ve been paying more toward my credit cards than the minimum payment, I paid off the one with the smallest balance entirely, I’ve argued with my creditors to bring down outrageous APR’s… and I’m making progress. Slowly, but progress.

However, one credit card company is refusing to co-operate with me. They gave me an APR of 23% when I went over limit some time ago, and when I got serious about tackling my debt they told me they couldn’t lower it until I paid off the overlimit part. Well, okay, I did. And now they still won’t lower it. So I’m hoping to get a loan to consolidate the remainder of my debt to them and pay the whole stupid thing off for a lower APR.

It’s only a grand total of about $1,900, so I’m afraid most banks would think the loan too piddly to bother with, as they did when I initially looked into consolidating ALL my debts, back when the sum total was close to $10K. That said, I’m afraid to even look for consolidating my one card, given the economy. So…

Advice? What should I do? I want to pay the lump of what I owe to the mean credit card company that won’t work with me on this, but I don’t want to saddle myself with something worse, and I don’t know if anyone will even be willing to take this “small” amount on. Ideas? Thoughts? Help me out, here.
Point of Note: I am not a homeowner, landowner, and my car is NOT worth using to take a loan against.

Lonnie

Dawn R asked:


I want to get a personal loan for about $5000.00 and want a low interest rate. The banks are around 12%, which is too much for me to pay back a month. Does anyone have any suggestions?

Dustin

Karl asked:


I was wondering if anyone took a personal bank loan in order to pay off their credit card balances? Do banks actually offer a credit card consolidation loans yet and for that purpose only? From what I understand this would be better than a 401K loan. Forget the home equity loan. Also heard enough about those so called “credit card repair companies” that they are not worth it. About 16k owed and I am sick and tired of their finance charges , late fees, etc. Want rid them once and for all!

Theresa

thinkaboutit asked:


Question? What makes people keep using them when they see the destruction it is causing?

Many people, mostly younger folks and women, have so many credit cards they end up in severe debt and ruin their credit for many years to come. Credit card applications are mailed out by the tons and people keep activating them knowing the interest rate is or will be up to 20% or higher. Everyone needs at least one credit card and no more than two. You also need one revolving (department store) credit card to establish a good credit history. The limit on the credit card(s) should be no more than 10% of your annual salary and the revolving card half that. Always make a minimum of a double payment on all your credit cards and pay on the due date. Never ever be even one day late. The interest rate and late fees will destroy you. If you are experiencing problems the first thing you need to do is carefully cut the cards up and throw them away. If you can not afford to pay the total monthly bill attempt to get a consolidation loan to get out of debt. The monthly payment will be less than the total monthly payment of all your cards with a much lower rate. Some banks and credit unions will be willing to help you out if they know why you are taking out the loan. Financial debt can create so much strain it can even destroy your peace of mind and your marriage. Don’t fall into that trap.

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TANISHA R asked:


If so, do you know which banks?

Marilyn

Jennifer Morva asked:


Credit Card Debt Consolidation Loans: An Introduction

In the modern world the use of credit card has increased exponentially. The credit cards issued by various banks and financial institutions are of immense help for daily financial need as the transactions can be incurred by the credit card. The repayment of money to the concerning institution can be handled smoothly when you use only a single card, but gets troublesome when a variety of card is used. We often forget the high interest rate charged by the banks and find ourselves entrapped in vicious circle of debt. It is in these testing times that credit card debt consolidation loans smoothen our whole process of handling the multiple credit card debts.

Advantages of Credit Card Debt Consolidation Loans

Credit card debt consolidation loans merge all your debts into a single debt and pay off all your debts to the various financial institutions whose card you use. Although you have to pay interest rate for having credit card debt consolidation loans but it is much lesser than the interest rate paid to various lenders. They not only save your money but also make you stress free as now you have only to repay to one lender.

Other Aspects of Credit Card Debt Consolidation Loans

You have the facility to opt for secured and unsecured credit card debt consolidation loans. In case of secured one you have to keep collateral as security. The interest rate is low and repayment period is extended. The repayment period can vary from 5 to 30 years in this case and hence you can use your money to improve your financial status. If you go for unsecured one than you don’t have to keep any collateral but the interest rate is increased and repayment period is reduced.

Conclusion

After comparing the facilities provided by credit card debt consolidation loans with the interest rate of the banks providing credit card facility, you can judge the great use of this facility. These are available online so you also not have to worry about finding an apt lender. You can use this loan to flourish your financial status and prevent yourself from being in debt in future. Go for credit card debt consolidation and check your debts within time.



Lloyd

shauna asked:


Whats the best place for this type of loan? Banks?

Ray