I am trying to eliminate a lot of my debt. I am 31 yrs old. I was given a loan with a12% intrest rate take it?
Answers:
Well if the interest rates on your credit cards are higer than that and you are only paying your minimum amounts then yes it would be a fairly good deal.
But it is not advisable to go into debt to pay off debt. People start with good intentions and then somethign happens and they start whipping out the plastic again.
Depends on your credit score but that seems HIGH, way high.
12% seems a bit high to me. I would consider something around 7% to be a bit more sensible.
Id check into a few more options before doing so... your credit score may be what is causing you to get such an offer, check into that as well...if you are stuck with a collection of high balance credit cards that will have a big impact as well, as you will be seeen as a risk in that department to lenders, who see you as one who cant control their spending... good luck
It depends on your situation. 12% is fairly high but if you're consolidating other debt where you are paying a higher interest rate then is could be worth doing.
I wouldn't take that loan.
If your credit is good, and you own a home, you may be able to get a home equity loan or a home equity line of credit. Then you can pay something like 9% and still take a deduction on your taxes for the interest paid.
That's the most outrageous offer I've heard of.
They are praying on your situation.
You'd be better off paying back on your original credit deals.
That seems like an awfully high interest rate. Keep looking.
It's better than the 20 to 30 percent on a credit card, but 12% would be high for me. I don't know what other resources you have, but if you own a home, an equity loan would be better. If you have a 401k plan, that would also be better.
If you are just trying to consolidate your debt, there are organizations that help with this. Just do a little research in your area as to what is available. Don't use a for profit service.
You can also try to negotiate with your credit companies. If they think the debt is going into write off, they can be negotiated with to reduce your debt and rate. Always worth a try
If the interest rate is lower than that of the credit cards you are paying off, then it's a good deal. If you continue to hold the credit cards, it will take 15 years to pay them off, because the principal balance goes down so little every month. You will be out of debt much sooner with the 12% loan. A word of caution: CUT UP THE CREDIT CARDS and cancel the accounts, or you will soon find yourself right back where you started!
If you are paying higher then that on your credit cards then you should do it...
But dont close the credit card accounts. Just pay them to zero and leave them open.
Alot of people on here are saying 12% is high. But for an unsecured personal loan it doesnt seem that bad to me.
Hi,
I used " Credit Solution" to consolidate my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News special edition.Check it out here:
http://creditsolution.ez-mart.biz...
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...