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spittenred

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consoladation loan?
I have 12,000 in credit card debt on 7 different cards most at 19% or better. Would I be better off getting a loan for the 12,000 at 22% ? Ive tried to do the math...but wow

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At a higher rate?? NO WAY!!!

Helpful to 1 out of 1 people

Why would you want to get a loan with a higher rate of interest to pay off the credit cards?  Think about it.

Better to try to get a credit card that offers a very low rate (0% is good) for at least a year and the total credit limit is at least  as high as your current credit card total.  Check this site for credit card consolidation cards and try for them.  If you can call the company, you may know the same day.

Before you go applying, though, get all 3 credit reports from annualcreditreport.com.  Go over them very carefully because there are likely to be some errors.  Dispute each of these errors with the credit bureau reproting them.  They have to investigate and either verify or delete the errors.

Then go to the credit simulator and see what actions you might take to make your credit score even better.  Then search the site or go to your bank or credit union and find a card that does credit card consolidation.  That's the one you want to try getting.

If that doesn't work, there is a Plan B, but I'll be keeping an eye on this site hoping we won't need to go there.

Hope this helps.

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Well...The immediate response to me getting the loan and paying off the cards would be about a 80pt jump in credit score...alos..the monthly payments going out would be consideribly less. I thought it wasnt the samrt thing to do either...was just curious! Thanks for your reply though and am going to heed your advice!

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