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Question By
ianu323

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Already did Debt Consolidation, probably should have done a personal loan, should I still?
So I did a Debt Consolidation on 2 out of 3 of my cards, getting most of the credit card down to 7%, still one is left open with a good amount on it at 12%. Should I still just do a 6.5% loan from ernest for the entire amount? I have good credit, good and stable job just went through a career change 4 years ago and financed it on credit cards.

Probably should have just done the loan first but didn't do enough research. Assume I will take a credit hit but could be debt free in 3 years versus 4 on consolidation and just above min payments and a few thousand likely left on the 12% card.

Also don't see myself needing major credit reviews in the next 18 months.

Thanks for any advice.

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I don't know, only you know the actual numbers on the debt and interest rates and what you can afford, but I do know this, if you are in debt, borrowing more money is usually a bad idea unless it can save you significant money in interest.

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