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Posted in Auto Loans
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Question By
Cywi

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Pay more interest on auto loan to decrease higher interest on credit cards?
Should I refinance my auto loan of $15,000 (currently at 11.52%) to get a slightly high rate (12.5%) over five years to use the savings to pay off higher interest credit cards (20%)?

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Top Contributor
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Makes no sense.

Why not consider consolidating your credit cards into one that  will give you 0% interest for 12-18 months?  That would give you a better chance of getting rid of high interest card payments AND improving your credit score. Worked for me.

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