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Would it be bad to get a loan to pay off my credit card debt?

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  • Would it be bad to get a loan to pay off my credit card debt?


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Answer #1 | 20/12 2013 02:20
86% interest rate - are you sure ? this is a crazy number... Try raising money from friends and family to pay your debt , getting a loan will get you nowhere - actually your situation could become much worse in a year or so- because of the interest you will be forced to pay. Best of luck
Positive: 66 %
Answer #2 | 20/12 2013 02:20
you don't get out of debt by borrowing more money, why would you borrow 2600 when you only owe 1500??? I went to use an online amortization calculator to see how much the payment would be and it only will accept interest rates of up to 50%. at 86% your payment would be over 300 per month. if you can afford that, then you can afford to pay 300 per month on these credit cards and should be paid off in 6 months or less with interest, compare that to 28 months, that would be 22 extra months, and get rid of the card with the highest rate, you do not need 2 credit cards
Positive: 60 %
Answer #3 | 20/12 2013 02:30
The rate is way too high. Perhaps you can ask your parents to payoff your debts and pay them back over time
Positive: 40 %

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