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Hi guys, it's my first time using this forum and I wanted to ask about debt. I know that many people on this forum are frugal and might not have gotten into debt, or some of you may have learned how to be frugal after getting yourself in a tight spot. I'm of the latter, and I wanted to ask what you think about possibly taking out a large personal loan like the one I linked to, in order to pay off $10,000 of high interest credit card debt (16%). The APR's with a new loan would be less, and I would have a longer time to pay it off (2-3 Years) but I am definitely asking for guidance here.

Any mathematicians here? lol, Thank you in advance!
 

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Is all of the credit on one credit card? If it is on a lot of smaller cards my advice would be to pay them down quicker, using the DR snowball method, rather than do a loan consolidation. If it is one big card, things might be a bit more complicated.
 

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You could take a signature loan out at a Credit union and its usually less than 10%
and it would be spread over a few years. However let me say this. It is super important that you not turn around and run that CC up again or another one either.
Its important to change your thinking.
 

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if it's on one big card, can you see if you are eligible for one of those 0% balance transfers that cost you about 3%? But it seems like these offers are extended to those who do not have a large debt, IDK, just a thought
 

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No. You can't borrow your way out of debt.

Call your credit card company and keep insisting you need to connected to their pay-off plan department. I believe Chase's is called Slate (as in clean slate). You'll have to apply to be in the program based on your financial situation. If approved, they'll lower your interest rate, fix your payback payment and freeze the use of your credit card. The program doesn't affect your credit rating (and could even improve it!) and when your balance is paid off you go back to being a regular customer again.
 
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