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08-23-2011, 01:58 AM #1Registered User
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How Do You Feel About Signature Loans
The ones that you can 'consolidate'? If say a CC or several was charging you a 14% interest rate and a Credit Union will let you borrow the amount to pay it off at 8%? Wouldn't that make sense? just one bill?
Not sure what DR says about this because I haven't heard the answer so far...
TIA
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08-23-2011, 05:48 AM #2Registered User
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It would only make sense if you closed the CCs. I got in trouble that way a while back - Woo! I got more money! NOT!!!!
BEF fully funded
Debt Reduction -
Orchard - $0.00
Citi card - $9116 >>>0!!!<<<- closed
to ME!!!!
Advanta card - $6746 >>0<<- yes,yes, yes!!!
Repoed van - $150/month for eternity - OK, not quite - $10,997.44
mortgage - 63873
heloc - July '11 - $12,000 8,203
Frugal Village =
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08-23-2011, 08:06 AM #3Registered User
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Totally as long as the cc was closed as mentioned above. Depending on the amount of the cc debt your interest savings could be substantial. When we were paying of our cc debt I did a lot of flipping for better rates as long as it was fee free.
~July 19 saving goal for event $104/$1000
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08-23-2011, 08:13 AM #4Rude and Vile Master
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Absolutely - as long as you add NO NEW DEBT and you close those open loans after you pay them off, it's a great way to save some extra interest costs and accelerate the snowball.
If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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08-25-2011, 12:05 AM #5Registered User
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One credit card was closed over a year ago and the other was cut up a few months ago. Thanks! I got approved for 8% with the goal of our snowball. This should help us.
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