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katiaaragon1

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Is it worth it to get a personal loan and pay off all my credit debt & dont pay off the loan?
So, i owe about $11k in credit cards, i was approved for $7k from One Main Financial. HYPOTHETICALLY, what are the consequences of borrowing the $7k and failing to pay off the loan? Will paying $7k in debt help my debt ratio, and raise my credit? What then if the loan isnt paid off, it would probably lower my credit, but wont hurt it much as i have already paid most debt. Right? Advice?

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Why did you join Credit Karma in 2010?  You obviously have not read the articles here to learn how credit works because the action you are proposing shows a high level of irresponsibility.  BTW, I seriously doubt you can get a loan with that level of debt.  Read the articles here, learn how credit works, use the financial tools.  Another site that can help develop a repayment plan is by Dave Ramsey, so you might want to look that up.  This problem didn't happen overnight and will require some effort on your part to show that you can be a mature, financilly responsible individual. 

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