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Would it be a good or bad idea to take a loan out from a bank to pay off all my credit cards?
I tried once before to consolidate all my credit cards onto one, but I couldn't get enough of a credit limit to cover all of them (about $5000 of debt). Will a bank loan to pay these cards off help or hurt my credit, if I can get the loan.
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blue63vette
1 year ago
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That depends... Do you trust yourself not to just max out the cards again and find yourself in twice as much debt? Be careful (and be honest with yourself).
If you decide to go for it, there may be a small dip in your credit score in the short term (a hard inquiry, a loan where the current balance is close to the max balance). Assuming you pay on time and keep your credit card balances low, it will help in the long run.
There are other things to think about too. Compare the interest rate on the loan to the interest rate on the cards. Does the savings in interest outweigh the loan fees? It may not be worth it.
Daphne88 1 year ago