Should I get a consolidation loan debt to pay credit card debt?
So it all amounted to more than 4 credit cards I have about $ 9,000 worth of the debt. I have lucky enough to have never missed or been late in payment, but is quickly my balance reaching its limit when the active interest and I am in danger of over-writing on three of the four in the coming months. I simply do not have enough income to do more to pay the minimum payment each month, so in theory it will never drop balance. I've heard all kinds of negative things about loans debt consolidation but honestly I have other options at this time? Would it be as simple as entering my bank and try to get a loan for say $ 9000 for pay all out? There seems to be more than that. Looking forward to hearing from someone who knows more about it. My income is about $ 45,000 if that helps, thanks. . .
Yes, you can get a loan to pay off your credit card debt, but payment would go up. Cosolidating recommend to pay the debt. They can provide a lower interest rate that your cards so they do not racking up as much interest as you would in the cards. I am concerned however that you will not be able to afford the monthly loan payment consolidation. I think you should meet with a financial advisor (or anyone who knows how to budget) Set everything and see if there is anywhere that can reduce so that you bring together the money needed to make a higher monthly payment. Then, if you have the money to pay the debt, not to get into debt. Cut up your cards. Put them in the freezer. At least for a while.
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