Personal loan for credit card debt?

posted 2 years ago in The Lounge
Post # 2
Member
2859 posts
Sugar bee

Have you considered opening a new card that offers a balance transfer? Usually the terms are no interest for 12-18 months. If you aggressively pay down the debt, they can be really helpful. 

Post # 3
Member
8985 posts
Buzzing Beekeeper

View original reply
ChasingZenith :  will you qualify for a personal loan if you’ve already tapped out your personal line of credit (I’m assuming anyways, otherwise why use the credit card in the first place?). As PP said I would look into a transfer to a 0% card and pay it down really aggressively before the interest rate goes up.

Post # 4
Member
20 posts
Newbee
  • Wedding: September 2018

Do you have equity? Home prices are increasing by 6% a year, so if you take out a home equity loan to pay it off it could basically be wiped away if/when you decide to sell. 

I took a loan out on my 401k when I had 6k in credit card debt from dumb dental work. It came out of my paycheck, and I paid myself back the 4% interest instead of a credit card company. The fees were low and it was taken out before taxes. 

 

Last, I originally took out a 0% interest for 18 months credit card with free balance transfer to deal with the debt and they made it so hard to actually transfer the balance that I got so angry I took out the 401k loan instead. So research those cards of you do go that route 🙂 and good luck!

Leave a comment


Find Amazing Vendors