Should I get a loan to pay off my credit cards?

I accumulated a lot of credit card debt in the few months I was out of work. Now I%26#039;m stuck with a 29.99% interest rate. My credit score is probably shot so I don%26#039;t even know if I can get a loan.

Should I get a loan to pay off my credit cards?

My first piece of advice, if you get a loan cut up the credit cards, in fact, probably a good idea to do that now so you%26#039;re not accruing more debt while you%26#039;re trying to pay the balances down. (You don%26#039;t have to cancel them, just hide them away for a few months.)

Now, if you%26#039;re had recent delinquency on your account or serious delinquency on your credit file you%26#039;re probably out of luck on getting a lower interest rate for another 6 months or so.

Next, if you can, if you own your home, I would go for an equity loan. Because they%26#039;re a secured loan, you%26#039;re going to find their interest rates are much better, in addition to have a set amount of time to pay off the balance, and sometimes the interest is tax deductible.

If that doesn%26#039;t work and you%26#039;re able to make the minimum payments, that%26#039;s fine, continue to do so (without using the cards) to get it paid down, putting a little more than you can on the highest interest cards.

Pull your credit file to see if your credit is shot or not, no good guessing about it when you can get it for free. If it%26#039;s still somewhat decent see if you can get a promotional rate on the account (usually only on balance transfers), use it and still make more than the minimum because you%26#039;re paying interest on other part of the balance on the card.

And if none of that works, try for the loan. It%26#039;s not going to hurt even if you don%26#039;t get it as long as you can make your minimum payments. Now if you can%26#039;t do that, then it%26#039;s time to look into something more intensive, but I won%26#039;t get into that because you didn%26#039;t say you couldn%26#039;t make your minimums.

Should I get a loan to pay off my credit cards?

If you%26#039;re back at work and you have a good relationship with you bank, it worth trying. You%26#039;d definitely be better off than with that 30% rate...

Good luck.

Should I get a loan to pay off my credit cards?

If there is any way that you can reduce that interest rate, I would.

Should I get a loan to pay off my credit cards?

Ignore the response about the 2 percent loan...it%26#039;s a scam.

As for getting a loan, in these difficult times it will probably be quite hard for you to get a consolidation loan for your credit card cards, but you could also try.

I would suggest that you contact a reputable credit counseling service about trying to get your interest rate lowered. 29.99 percent seems rather high. If you%26#039;re working now and have a steady income, you might be able to pay down that amount faster with the help of a credit counseling service, who can probably negotiate lower rates for you.

Good luck!

Should I get a loan to pay off my credit cards?

ya surely butits better for you to try for an online loan.i think that th e below website will help you to find the right solution.