TheWowEffect

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Hi,

I was considering a Personal loan/unsecured loan of around 16000 to consolidate my credit card and car payments. Any ideas or suggestions?

My credit union offers a loan at about 9.5% with a good credit score or a co-signer with good credit score. Anyone knows of any alternatives with lesser interest rates?
 

acredhead113

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TheWowEffect said:
Hi,

I was considering a Personal loan/unsecured loan of around 16000 to consolidate my credit card and car payments. Any ideas or suggestions?

My credit union offers a loan at about 9.5% with a good credit score or a co-signer with good credit score. Anyone knows of any alternatives with lesser interest rates?

This is what has happened to many other people in your predicament. They have overused their credit cards. First step is to throw away the cards. Second is to make a buget and live within your means. Pay off the cards as fast as you can to save paying that god awful interest. Fourth, do not make the same mistake again!
 

mpp

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The interest rate for an unsecured loan will almost always depend on your credit score but around 9% is pretty standard.

Go to this link at bankrate: http://www.bankrate.com/brm/compare_rates_home.asp

and choose Personal Loan and your state to compare rates. Approval will likely depend on your credit rating.
 
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mackie

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If you're well organized and pay your bills on time (big IF), I've heard of folks using credit card balance transfer promotions to get out of debt. I think I read this in Money or a similar magazine. Discover card often has the fixed 0% for the life of the balance if you spend $3 on the card a month. I've seen some fixed 1.99% - 4.99% rates also for the life of the balance. Some fixed 0% rates last anywhere from 6 mos to a year. I only recommend this option for the well organized bill payer because these promotions often remain active as long as you pay on time each month, and if you're late once, your rate shoots to some astronomical rate like 28% or something. Automatic billpay is always an option to avoid being late.
 

hermione

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Check out the PNC collegiate loan. Its a student loan that doesn't require your school to certify. The check goes right to you.
 

thegenius

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mackie said:
If you're well organized and pay your bills on time (big IF), I've heard of folks using credit card balance transfer promotions to get out of debt. I think I read this in Money or a similar magazine. Discover card often has the fixed 0% for the life of the balance if you spend $3 on the card a month. I've seen some fixed 1.99% - 4.99% rates also for the life of the balance. Some fixed 0% rates last anywhere from 6 mos to a year. I only recommend this option for the well organized bill payer because these promotions often remain active as long as you pay on time each month, and if you're late once, your rate shoots to some astronomical rate like 28% or something. Automatic billpay is always an option to avoid being late.

Yes this is an option - my wife had about 10K in debt, and we transfered that amount to a 0% credit card and had a very strict repayment schedule (she paid about 750K a month to pay it of) and she became debt free in about 18 months. Really amazing.

Requires excellent organization skills and the ability not to spend money - which is difficult for those in big CC debt because they usually spend a lot of money.
 
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