Applying for a personal loan

DK0223 · Jan 13, 2015

Would it be best to go through a credit union, bank or what? Considering this to pay off some credit card debt, and to give me a cushion for a while. Appreciate the help guys

iceman74 · Jan 13, 2015

I don't how much or even if you are expecting a tax refund, but have you considered using that to pay off as much credit card debt as possible? Borrowing money to pay off borrowed money is a recipe for disaster.

DK0223 · Jan 13, 2015

iceman74 said:
I don't how much or even if you are expecting a tax refund, but have you considered using that to pay off as much credit card debt as possible? Borrowing money to pay off borrowed money is a recipe for disaster.

Well that's an idea too, but tbh I could use a cushion right now, kinda in a little bit of a tight spot unfortunately.

pesty4077 · Jan 13, 2015

You have to have really good credit for any personal loan. Not to mention that interest is going to be just as high as those credit cards. It is simple, take the card with the highest interest rate and pay that one as soon as possible, then go down the list that way. If you don't have cash to pay it, don't buy it. In USA, we are very materialistic.

cardealer · Jan 13, 2015

Agree that's the way I did it.

DK0223 · Jan 14, 2015

pesty4077 said:
You have to have really good credit for any personal loan. Not to mention that interest is going to be just as high as those credit cards. It is simple, take the card with the highest interest rate and pay that one as soon as possible, then go down the list that way. If you don't have cash to pay it, don't buy it. In USA, we are very materialistic.

Good point pesty, just don't have the money to pay most of it down right now. It's a catch 22, bc I definitely dont want anymore debt that's for sure.....

DemBoyz · Jan 17, 2015

Check with a credit union, rates are usually lower atleast where I live that's the case

DK0223 · Jan 17, 2015

DemBoyz said:
Check with a credit union, rates are usually lower atleast where I live that's the case

Ya this is what I was thinking

MaineGuy · Jan 19, 2015

Sometimes this can be a good tactic. Here is the problem though, if you take out a loan and pay off your credit cards, you need to NOT use them again. If you rack up more debt on your cards, then you now not only still have credit card debt, but you also have a loan to pay back. Something to think about.