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Level 2

Has anyone ever consolidated credit cards into a personal loan?

Im trying to pay off 1 credit that does not go down just keeps going up.I thought of getting a personal loan any suggestions.
Level 2

Has anyone ever consolidated credit cards into a personal loan?

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Level 7

Has anyone ever consolidated credit cards into a personal loan?

I am currently doing this. Small loan but I made sure to get an interest rate lower than the cards. Also I pay less per month than with all the cards. Most importantly, do NOT rack up new debt on those cards and do NOT close them. It should help your credit score too.
Level 6

Has anyone ever consolidated credit cards into a personal loan?

What loan company did you use?  I'm interested.

Level 7

Has anyone ever consolidated credit cards into a personal loan?

I went through Lending Club. You need fairly good credit to get a loan but not perfect. I had about 671 credit score when I got the loan. Funds deposited in less than a week. Payment auto debit so I’ll never miss a payment. Better but not great interest rate. Depends on your credit score. But I’m making my way to debt freedom. Hope this helped
Level 6

Has anyone ever consolidated credit cards into a personal loan?

Do you have a list of reputable loan consolidation agencies
Level 6

Has anyone ever consolidated credit cards into a personal loan?

Who did you use? Sounds like a great solution
Level 6

Has anyone ever consolidated credit cards into a personal loan?

I would love to know also did you find out?
Level 6

Has anyone ever consolidated credit cards into a personal loan?

Me too... would like to know if you found out who this person used. I'm looking for a reputable company also
Level 6

Has anyone ever consolidated credit cards into a personal loan?

That helps!  Thank you!

Level 2

Has anyone ever consolidated credit cards into a personal loan?

You can also apply for a credit card balance transfer, they should give you 12 to 18 months interest free.  Great way to bring down the balance faster and put all the credit cards on one payment plan.

 

tova

Level 2

Has anyone ever consolidated credit cards into a personal loan?

I’ve personally never consolidated my credit card debt.  However, if your balances on 5 cards is so high that making your minimum payment doesn’t pay any of the cards down, then a debt consolidation loan may be for you.  If some of your cards are getting paid down you can keep doing what your doing, once a card is paid off, apply that amount to the next card nearest to being paid off, and so on and so fourth.  Once you get to the 5th card, you’d be applying the same amount each month to that one card as you were to all 5 together. It is important that whether you get a loan,or use the snowball method I just described, you need to stop using those cards.  The last thing you need when your trying to get out of your hole is a bigger hole.  Once you are free and clear of that debt, don’t use your cards for just the sake of thinking you have money to spend.  Purchase only what you can afford to take care of each month, such as gas or groceries, and pay it down each billing cycle.  Be sure to put those expenses in a separate account as you make your credit card purchases to ensure that those monies are available when the bill comes in.  Maintenance in that fashion will keep you free from this kind of situation again, and keep credit available for an emergency such as a new transmission for your car or furnace for your house. Good luck on your endeavor!

Level 3

Has anyone ever consolidated credit cards into a personal loan?

Hi Raptorfun,

 

What bank/institution did you use for your loan?  That is about the equivalent for my husband and I, plus I have over 70K in student loans on top of that.  My husband was out of work for 4 years!  We had to rack up credit card debt, since we had a brand new baby at the time which comes with tons of expenses.  I am having a hard time finding the right institution to apply to.

 

Thanks so much.

Level 3

Has anyone ever consolidated credit cards into a personal loan?

In my experience in my personal life I feel like I could just give you an opinion because at the end of this opinion, follows your decision. So is important to get that since the beginning. What do I mean? Well because my opinion follows with a pad that we don’t want to take, and that includes totally the opposite of what brought you to this confusing situation. If we try to get off from debt to have a peace of mind it will sink you deeper if you don’t follow up with your plan of making just one payment. Regardless of good loan that you where able to get with good credit history. At the end it all comes to your decision. If you know yourself and you know you can maintain by not going more into debt then it makes since, but still live room for unexpected sircumstances like water damage I got to replace the whole floor but your the only one that knows what you may have problems later. In my situation was not enough income and that payment I couldn’t do because of sircumstaces that we know it could happen but we go on in life like it will never happen to me. Sorry if my opinion confuses you more but I was about to exit from this app and I saw this question. God bless
Level 6

Has anyone ever consolidated credit cards into a personal loan?

Highly recommend you do that, you will not be sorry! I did it a couple years ago. With a loan you will get much lower interest rates than you probably get on the credit cards. I highly recommend using a credit union though rather than bank if you do decide to go this route. I got a loan from Wells Fargo to pay off my credit cards. Wells Fargo was only charging me17% interest. But my 13 credit cards all ranged from 19.99-29.99% so figured 17% was better than 20%+. After paying on that loan for about 7 months we opened up a savings at a credit union, (just needed to deposit $5 in the savings and keep it there to keep account open) so I called the credit union to see what terms were for personal loan through them and was able to get same $ amount with interest at 8%. My payments were almost cut in half and it amazes me how fast my balance continues to go down every month. I know how discouraging it is to feel like yourmonthly payment is just going to interest and the balance barely goes down if at all. I was so pleased I did the same with my car loan. The bank was charging me 18% interest and whenwe switched over to the credit union they did it with interest at 3%. And again, I’m amazed at how fast the balance continues to drop!