Personal loans to pay off credit cards a bad idea?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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dwest13cavs
 
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Postby dwest13cavs » Tue Feb 08, 2011 10:45 pm

You can always try a service like LendingClub for a loan...its a pretty good service and if you have good credit may be able to get an interest rate at 10% or less.


fcmoney
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Postby fcmoney » Wed Feb 09, 2011 11:42 pm

Most person loan carry a interest rates in around 12%-19% depend on your Fico credit score, if you have a good fico credit score then yes it OK to transfer money from " personal loan" to pay off your credit card, but as you know " wherever" you can save on interest then go for it, it will only helping you to paying off your credit card obligation much faster

pinkymlu
 
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Postby pinkymlu » Fri Feb 11, 2011 1:51 pm

fcmoney wrote:Most person loan carry a interest rates in around 12%-19% depend on your Fico credit score, if you have a good fico credit score then yes it OK to transfer money from " personal loan" to pay off your credit card, but as you know " wherever" you can save on interest then go for it, it will only helping you to paying off your credit card obligation much faster


I agree with fcmoney. Weigh your options and do some pencil pushing - how much for how long, total amount of interest, etc. Whatever option would help you pay off your debt faster with the least amount of interest would be best.

bubblebusteconomy
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Postby bubblebusteconomy » Sun Feb 13, 2011 4:21 am

A slave to lenders or a slave to credit cads. The choice of poison is up to you but the outcome is inevitable and that is slavery to debt and the ruling elite on Wall St. You are right where they want you in the endless debt cycle with no where to turn to get out except paying a handsome ransom to line their pockets every month.
Cards: NONE!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Feb 15, 2011 11:23 pm

Thanks for saying practically the same thing in every post, bubble!

If you hate credit cards that much then maybe you would be better off at a different forum than this.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

gobanana
 
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Postby gobanana » Tue Mar 22, 2011 12:31 am

I found a p2p loan (such as Prosper or LendingClub) that greatly helped reduce my CC debt. I was able to reduce my APRs from 20+% to under 10%, and it helped alleviate my debt to credit ratio allowing me to request lower rates on my current card balances. The real challenge is to not rack up the debt again and make sure to pay everything down! Another thing I liked about the P2P loan is that the money (mostly) went towards the people willing to loan it to me rather than all to a greedy bank!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Apr 11, 2011 1:17 pm

Gf and me just got approved for a discover personal loan for $19,000 at 11.99% which I didn't think was too bad given the amount and being unsecured because we have no collateral. I was very surprised that our local credit union could offer half a percent better rate at best.


Wow and your credit union could only offer a 1/2% better?

There peer to peer lending clubs are also another good technique for getting personal loans to pay off credit cards. Although I don't know anyone that has personally used them, the reviews I have read are usually favorable.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

teserieL
 
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Postby teserieL » Fri Apr 29, 2011 1:21 am

It depends.



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