 First Time CREDIT CARD DEBT? |
Well, heres a big "WHAT IF" question (this has not happened)
lets say i do somehow get into credit card debt, lets say i somehow need to spend $2000 in a emergency situation. ... |
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 Credit cards? |
What is the best card to go for when I have a very short credit history in the U.K?
T... |
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| My credit score is a very low 537 i pay all my bills on time, and have had 3 different credit cards for the past 6 months to a year that i pay in full and on time, so where is the problem, because i&#... |
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| I have changed my cell phone number 3 times and each and every time collection agencies are able to find it. Is there anything I can do to stop them from being able to get it?... |
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| I figure that if the person is married, their spouse becomes resposible for playing any debts left behind, but what happens if this person is unmarried? Do their children inherit the debt? Do the ... |
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 How Can I Remove My Name From Bad Credit Scoring??? |
I asked this question:
http://uk.answers.yahoo.
and the first gentleman stated that I can have my ... |
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 Should I take out a 2nd mortgage to pay for my credit card debt? |
| My husband and I are in our late fifties. He is disabled and is on a set income. We only make enough money to pay a our bills. There is very little money left over for gas, groceries or everyday ... |
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| How do people get into such deep debt? Like over 10,000 dollars of credit card debt? |
Ok so I have seen questions about how people can get out of over 50,000 dollars of credit card debt. My question is:
How in the world can you get that much credit to begin with? Do they ... |
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BRI- BRI | I am trying to eliminate a lot of my debt. I am 31 yrs old. I was given a loan with a12% intrest rate take it? |
it is 14000 .00 loan but I will end up paying almost 2.5 times that is this much intrest normal? |
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chickey_soup
 |
Well if the interest rates on your credit cards are higer than that and you are only paying your minimum amounts then yes it would be a fairly good deal.
But it is not advisable to go into debt to pay off debt. People start with good intentions and then somethign happens and they start whipping out the plastic again. |
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mark
 |
It's better than the 20 to 30 percent on a credit card, but 12% would be high for me. I don't know what other resources you have, but if you own a home, an equity loan would be better. If you have a 401k plan, that would also be better.
If you are just trying to consolidate your debt, there are organizations that help with this. Just do a little research in your area as to what is available. Don't use a for profit service.
You can also try to negotiate with your credit companies. If they think the debt is going into write off, they can be negotiated with to reduce your debt and rate. Always worth a try |
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Mr. Morden
 |
It depends on your situation. 12% is fairly high but if you're consolidating other debt where you are paying a higher interest rate then is could be worth doing. |
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Vince
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Depends on your credit score but that seems HIGH, way high. |
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origamimark
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12% seems a bit high to me. I would consider something around 7% to be a bit more sensible. |
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mikersley@sbcglobal.net
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That seems like an awfully high interest rate. Keep looking. |
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lewisb73
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Id check into a few more options before doing so... your credit score may be what is causing you to get such an offer, check into that as well...if you are stuck with a collection of high balance credit cards that will have a big impact as well, as you will be seeen as a risk in that department to lenders, who see you as one who cant control their spending... good luck |
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scmichel1
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I wouldn't take that loan.
If your credit is good, and you own a home, you may be able to get a home equity loan or a home equity line of credit. Then you can pay something like 9% and still take a deduction on your taxes for the interest paid. |
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______
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That's the most outrageous offer I've heard of.
They are praying on your situation.
You'd be better off paying back on your original credit deals. |
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iceman
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If you are paying higher then that on your credit cards then you should do it...
But dont close the credit card accounts. Just pay them to zero and leave them open.
Alot of people on here are saying 12% is high. But for an unsecured personal loan it doesnt seem that bad to me. |
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Marie C
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If the interest rate is lower than that of the credit cards you are paying off, then it's a good deal. If you continue to hold the credit cards, it will take 15 years to pay them off, because the principal balance goes down so little every month. You will be out of debt much sooner with the 12% loan. A word of caution: CUT UP THE CREDIT CARDS and cancel the accounts, or you will soon find yourself right back where you started! |
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