Has anyone ever consolidated credit cards into a personal loan?

[Glendamm]

What's a good place to get a personal loan online?

[Teeneyt]

This is amazing! I don't believe I've heard of a loan with a zero percent introductory APR. Would you share who provided that loan to you? I'm extremely interested in this!

[cmklein812]

I never spend more than I make on my credit cards. Paying just the minimum balance when you have $500+ in credit card debt keeps you swimming in debt. I pay $100+ each statement or in between statements and I never use another card until another is paid off. Never utilize more than 20% of your available credit or you will never get ahead. The only thing killing me are my student loans but I still manage to be at 22% debt to income.

[Chad007]

Hi,

    -  How were you able to get 0% apr on loan for 2 years ?

    - How much amount of loan did you purchase ?  (ex:10,000, 15000 etc.)

   -  What type of loan is it ? (personal (or) Auto etc.

    - From which bank / Credit union were you able to get the loan ?

   - what is the minimum credit score you need to obtain 0% apr for 2 years ?

  -  It is wonderful that you are able to pay off your cards. Appreciate any help on the above questions.

Thank you.

[Kikijack]

Hi I want just pay off my credit cards , so I need apply for $16K loan

[Alexggl]

Hi @raptorfun
What institution did you use for your personal loan? Thanks for sharing

[Bluebonnet]

I used Lending Club and I highly recommend them. I was approved for the loan online and was able to choose the payment plan best for me. It feels so good not to have that debt hanging over me. It followed me for 10+ years and now it's gone. I only pay cash for items and it feels good to tell myself no!

[Busymom]

Who are you using that gave you zero intrest fro two years??? I could pay mine off with that!

[Rostyson]

I suggest that you not close any accounts, particularly if they are in good standing and are accounts that you have had for more than 2 years. I would consolidate all of my cards on a low interest account with perhaps the credit union, or a low interest rate loan. Preferably the credit union, where you will have a smaller minimum payment, and as you will also see more of that payment going towards the principal. That is what helped me. However, I was advised to close a couple of long standing accounts, which were in good standing by one of the refinance companies when applying for cash out option to pay down my debt and that was the worst mistake I could have made. It took some time to bring my credit score back up

[Chloe87]

Who did you get your loan thru ?

[Sydlo918]

What Loan company did you use? 

[jude42]

Very good analogy. Indeed an eye opener. 

[claudek]

I have been thinking about this for a couple of years now. First you need to add up all your interest. Then figure out how much your minimum payments are for all your cards per month. If you get a loan you need to make sure you can cover the monthly charge. Make sure it does not come out more than your minimum payments for the month, unless you can pay more. The longer you take out the loan for, the higher the interest rate. You can check into companies like Lending Tree, Sofi and others to see which is best for your situation. This is a soft check and it will not effect your credit score.

The reason I have not gone through with it is this. I have been able to maintain and keep my head above water by juggling things around. I have narrowed things down where I feel  I am slowly getting out of debt. I tried some of those debt consolidation places but they want you to quit paying and become a dead beat. Then they will come in, get their cut, and work something out where you pay a lower amount than you actually owe. In the mean time, your credit score tanks. That is an option, though! I do not want to have to go that route but it is there, if need be. On the other hand, if you get a loan your stuck with it unless you file bankruptcy! It’s a vicious circle! I hope you can figure something out because I am just floating, right now and I am sure there are millions in the same boat.

[claudek]

Yes, I also would like to know where that 0% Interest rate came from! I find that highly unlikely!

[claudek]

You should keep them open because you have more credit available to you. If you have the discipline not to use them, your all right. Some credit card companies will close out your cards for non use after a long while but that’s another story. You also have to think, if you get into a jam and have credit cards sitting around with 0 balances on them, it could help you get out of a pickle. Also, if you have enough cards around that are debt free you can juggle your debt around.