 Is this a high interest rate on credit? |
16.24% variable APR, on an Amazon card.
Is this really high?
We have no credit cards but we are shopping around right now.
Thanks
Additional Details
Can you suggest a ... |
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menotyou | Is it a good idea to get an unecured loan to pay off credit cards? |
So I've got some credit card debt - not a lot, but enough that I want to pay it off ASAP. Is it better to get a lower-interest unsecured loan to pay off my higher interest cards? What does doing something like this do to my credit rating? I want to buy a house sometime in the near future so I don't want anything to lower my credit rating or have a negative impact on my debt to income ratio. Thank you.
Additional Details
Everyone's telling me to close the accounts. But doesn't having open accounts with less than 30% of available credit used boost your score? If I close the accounts that I have a negligible balance on, won't it lower my credit rating? I haven't maxed out any cards, I just want to pay off my debts in the most efficient way possible while keeping or even improving upon my very good credit rating. Thanks to you all for your input. |
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Dewey H
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I think a unsecured debt consolidation loan would be the best option as you can get a low interest rate. The added advantage would be, it will also improve your credit score as subsequent payments are made to pay off the new loan.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference where you can get an unsecured debt consolidation loan. |
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stan c
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Getting a loan is fine, but make sure you cancel all your credit cards so you won't get into this problem in the future |
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Jeff T
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Getting a second debt to pay off the first is a good idea ONLY IF:
1) You cut up the credit card and close the account.
2) You pay off your debt as soon as you can.
As to buying the house, I recommend that you have zero debts, 6 months expenses covered in the bank, and 20% down.
Also, having open credit accounts with zero balance HURTS your score when applying for a mortgage, because the lender will assume that all those accounts are still open for a reason: You intend to max out the cards with furniture as soon as you buy the house. So your debt-to-income depends not only on your debt, but also your available credit.
Close the accounts. |
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C_Rolla
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First of all don't listen to "Brown I" he uses he and she incorrectly and I wonder about the legitimacy of his answer.
Sure, it's okay to pay off your credit cards with a loan as long as the interest rate is less and you can afford to make the payments. Try to keep your debt ratio low... |
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Shyann
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Getting an unsecured personal loan from a bank or another source is a much better option than getting caught up in the credit card game. If your bank no longer offers personal loans, check around to see if you can find a bank that still offers them<!--you can also find companies online that offer personal loans. If you can't find a company locally that will lend you the money you need, you may be able to apply quickly and easily online. A personal loan is usually unsecured and doesn't take a long time for processing. You can get the cash you need to take care of your budget shortfall or maybe even pay off some credit cards or get your car repaired.
http://best-loans.awardspace.com/personalloans.htm
Personal loans are available for any purpose. Although there are still personal bank loans available from many sources, they are not as prevalent as they used to be. It may be easier to find a loan online through one of the many lenders that offer them through the Internet. You can apply any time with lenders' websites available 24 hours per day-->every single day. Apply at your convenience and be approved for a personal loan with a great interest rate. However, you should consider all of the alternatives available to you, in order to find your best option. |
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googie
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Isn't it a good idea to pay off higher interest obligations with a lower interest loan? How much would you save overall and you should be able to afford the lower overall payment. |
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