Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
AshNTy2010

0 Contributions
0 People Helped
Is it smarter to keep paying on 3 credit cards or get a personal loan and use it to pay all 3 off?
My wife and I have 3 credit cards, one is a small debt one that is interest free, another one has high interest (19.9%) but low debt(under 3k) and another one that has high interest (17.9%) and $6,500 worth of debt. My questions is would it be smarter to keep paying off all 3 monthly or get a personal loan, pay off all 3 at once and then just have 1 monthly payment each month and just charge something small to them each month and pay off so it doesn't negatively effect the credit score? Or would it just make matters worse? I seen with the credit simulator that it would make my score go up but I don't know if it would be a smarter choice for the long run or not. any advice would help. thank you.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
116 Contributions
371 People Helped
Most Helpful Response

Personal loan

Helpful to 2 out of 2 people

Free is free, don't touch.  The other two, see what the rate for a personal loan would be and do what costs less.  Only make minimum payments on free loan until they are going to start charging interest.  Pay most on highest then second highest.

Top Contributor
20 Contributions
12 People Helped

Try to transfer balances

Check what it  would cost you, or if it is possible, to transfer your balances of the high interest cards to the zero interest card. Keep doing that until your debt is paid off. Don't take on more debt until you have paid off what you owe. You're letting yourself get caught up in a vicious circle. "IF" you are able to get a low interest loan to pay the cards make sure you don't aqcuire more debt until you pay off that loan. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.