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| *Loan,banking and credit>>>consolidation loan |
Is it better to pay off my credit cards slowly or get a consolidation loan and pay off everything at once? |
I have the opportunity to get a $10,000 consolidation loan to pay off all my cards ($6,000) but I'm not sure that's a good idea. I would like to raise my credit score to make a major purchase. First and foremost, and I wish someone would have told you this a long time ago, never let your credit card debts get above half what you make in a month. If you have to let it get beyond half your monthly salary ask yourself if you really need it. If not then don't get it. I keep my debts below $600 at all times. But since no one helped on this before it was too late then this is what I suggest. Do not get the loan...this will put you in debt all over again. You'll still owe the $6,000 but with lower payments through the loan it will take you longer to pay off. Instead...take the minimum due per month and multiply that by 2...this is your new payment. You will pay it off faster.OR...automatically give up half your paycheck. It's a sacrifice but you must get this paid off. Talk to someone about budgeting your money. There is software out there to help you with this. And lastly...this major purchase you're itchin to have...is it something you want or is it a need? If it's a want I say banish the thought from your mind. If you need it get a loan from the bank for ONLY that purchase amount. get a loan If you can get the loan at a good rate and cut up those cards so you stop using them,that's the way to go! I'd do it slowly... well, not "slowly" slowly... but I wouldn't pay it off at once. It gives you more credit. pay them off take the loan I don`t like to be owned .. so raise your credit get a consolidation loan and pay off everything at once |
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