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 Paying Your Bills
Profile Image

Question By
kjohans

0 Contributions
0 People Helped
should I take out a personal loan to pay off all my credit card debt at a lower interest rate?
I qualified for a personal loan at a lower interest rate than my credit cards, to pay off all of my credit card debt. I can only make the minimum monthly payments. Should I take the loan and pay them all off?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
713 Contributions
2580 People Helped
Most Helpful Response

Helpful to 21 out of 23 people

IF -- and this is a big if -- you are absolutely positive you won't run those cards back up, then the personal loan with its lower interest rate could be a good idea.

What happens with most people, though, is that they feel so "liberated" by the lower monthly payments that they turn right around and run up the cards again, ending up in worse straits than before.

So whether it's a good idea or not depends on your own actions after you get the loan.

Reply by
michlyn03

2 Contributions
5 People Helped
Helpful to 3 out of 5 people

Thanks, that some excellent information that eas giving to me. How can I get started with finding a good company that would help my situtation.  

2 Contributions
5 People Helped

Personal loan

Helpful to 2 out of 3 people

Should I take out a personal loan with low interest rate to pay off my loan, If so how do I go about find a company. 

1 Contribution
0 People Helped

Can I take out a low interest loan to pay off my outstanding debt

Results 1-3 of 3Results 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.